深圳市特力(集团)股份有限公司 2021 年年度报告全文
深圳市特力(集团)股份有限公司
SHENZHEN TELLUS HOLDING CO., LTD.
Annual Report 2021
April 2022
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Section I. Important Notice, Contents and Interpretation
Board of Directors, Supervisory Committee, all directors, supervisors and senior
executives of Shenzhen Tellus Holding Co., Ltd. (hereinafter referred to as the
Company) hereby guarantees the truthfulness, accuracy and completeness of the
annual report and that there are no fictitious records, misleading statements, or
important omissions carried in this report, and assumes individual and joint
legal responsibilities.
Fu Chunlong, Principal of the Company, Lou Hong, person in charge of
accounting works and accounting organ (accounting executive) hereby
guarantees that the Financial Report of Annual Report 2021 is authentic,
accurate and complete.
All directors are attended the Board Meeting for report deliberation.
Concerning the forward-looking statements with future planning involved in the
Report, they do not constitute a substantial commitment for investors, investors
and relevant persons should maintain sufficient risk awareness and the
difference between planning, forecasting and commitment should be understood,
the investors are advised to exercise caution of investment risks.
The profit distribution plan deliberated and approved by the Board was: based
on a total share capital of 431,058,320 as of 31 December 2021, a cash dividend
of 0.25 yuan (tax included) per 10 shares and 0 bonus shares (tax included) will
be distributed to all shareholders, and no share capital increase from
accumulation fund.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Contents
Section I Important Notice, Contents and Interpretation...................................................................................... 2
Section II Company Profile and Main Financial Indexes .................................................................................... 6
Section III Management Discussion and Analysis ...............................................................................................11
Section IV Corporate Governance..........................................................................................................................37
Section V Enviornmental and Social Responsibility ........................................................................................... 61
Section VI Important Event.....................................................................................................................................63
Section VII Changes in shares and particular about shareholders..................................................................... 78
Section VIII Preferred Stock................................................................................................................................. 86
Section IX Bonds.......................................................................................................................................................87
Section X Financial Report......................................................................................................................................88
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Documents Available for Reference
(i)Financial Statement containing the signature and seals of the person in charge of the Company, the person in
charge of the accounting works and person in charger of the accounting organization (accounting executive).
(ii)Original audit report containing the seal of the accounting firms and signature and seal of the CPA.
(iii)Original copies of all documents and announcements that have been released publicly during the reporting
period.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Interpretation
Items Refers to Contents
CSRC Refers to China Securities Regulatory Commission
SZE Refers to Shenzhen Stock Exchange
China Securities Depository and Clearing Corporation
Shenzhen Branch of CSDC Refers to
Limited-Shenzhen Branch
Company, the Company, our Company,
Refers to Shenzhen Tellus Holding Co., Ltd.
Tellus Group
Reporting period, this reporting period,
Refers to Year of 2021
the year
Auto Industry and Trade Company Refers to Shenzhen Auto Industry and Trade Corporation
Zhongtian Company Refers to Shenzhen Zhongtian Industrial Co,. Ltd.
GAC Refers to Gems & Jewelry Trade Association of China
Huari Company Refers to Shenzhen SDG Huari Auto Enterprise Co., Ltd.
Huari Toyota Refers to Shenzhen Huari Toyota Auto Sales Co., Ltd
Zung Fu Tellus Refers to Shenzhen Zung Fu Tellus Auto Service Co., Ltd.
Tellus Starlight Refers to Anhui Tellus Starlight Jewelry Investment Co., Ltd.
Tellus Starlight Jinzun Refers to Anhui Tellus Starlight Jinzun Jewelry Co., Ltd.
Sichuan Channel Platform Company,
Refers to Sichuan Tellus Jewelry Tech. Co., Ltd.
Sichuan Jewelry Company
Tellus Property Refers to Shenzhen SDG Tellus Property Management Co., Ltd.
SD, SDG, controlling shareholder Refers to Shenzhen Special Development Group Co., Ltd.
Treasury Supply Chain Company Refers to Shenzhen Tellus Baoku Supply Chain Tech. Co., Ltd.
Dongfeng Company Refers to Shenzhen Dongfeng Motor Co., Ltd.
Shenzhen Jewelry Company Refers to Shenzhen Jewelry Industry Service Co., LTD
Shanghai Fanyue Refers to Shanghai Fanyue Diamond Co., Ltd.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Section II Company Profile and Main Financial Indexes
I. Company information
Short form of the stock Tellus-A, Tellus-B Stock code 000025, 200025
Stock exchange for listing Shenzhen Stock Exchange
Name of the Company (in
深圳市特力(集团)股份有限公司
Chinese)
Short form of the Company
特力 A
(in Chinese)
Foreign name of the
Shenzhen Tellus Holding Co.,Ltd
Company (if applicable)
Legal representative Fu Chunlong
Registrations add. 3/F, Tellus Building, No.56 Shui Bei Er Road, Luohu District, Shenzhen
Code for registrations add 518020
Offices add. 3/F-4/F, Tellus Building, Shui Bei Er Road, Luohu District, Shenzhen
Codes for office add. 518020
Company’s Internet Web
www.tellus.cn
Site
E-mail ir@tellus.cn
II. Person/Way to contact
Secretary of the Board Rep. of security affairs
Name Qi Peng Liu Menglei
3/F, Tellus Building, Shuibei 2nd Road, 3/F, Tellus Building, Shuibei 2nd Road,
Contact add.
Luohu District, Shenzhen Luohu District, Shenzhen
Tel. (0755)83989390 (0755)88394183
Fax. (0755)83989386 (0755)83989386
E-mail ir@tellus.cn liuml@tellus.cn
III. Information disclosure and preparation place
Website of the Stock Exchange where the annual
Shenzhen Stock Exchange- http://www.szse.cn/
report of the Company disclosed
Media and Website where the annual report of the Securities Times, Hong Kong Commercial Daily and Juchao Website
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Company disclosed (www.cninfo.com.cn)
Preparation place for annual report Secretariat of the BOD of Shenzhen Tellus Holding Co., Ltd.
IV. Registration changes of the Company
Organization code 91440300192192210U
Changes of main business since listing
No changes during the period
(if applicable)
1. On 31 March 1997, the 159,588,000 state shares held by Shenzhen Investment
Management Co., Ltd., the only non-circulation shareholder, were transfer to
Shenzhen Special Development Group Co., Ltd.; total share capital of the Company
was 220,281,600 shares while 159,588,000 state shares held by SDG, a 72.45% in
Previous changes for controlling
total share capital.
shareholders (if applicable)
2. As controlling shareholder of the Company, after the equity separation reform, the
non-public offering of A share and reducing some of the shares with unlimited sales
conditions, SDG held 49.09% of the total shares of the Company as of the end of the
reporting period, and remained the controlling shareholder of the Company.
V. Other relevant information
CPA engaged by the Company
Name of CPA RSM Certified Public Accountants (Special General Partnership)
Suite 901-22 to 901-26, No.22 Fuchengmen Wai Street, Wai Jing Mao Building, Xincheng
Offices add. for CPA
Disctrict, Beijing, China
Signing Accountants Li Qiaoyi, Qin Changming
Sponsor engaged by the Company for performing continuous supervision duties in reporting period
□Applicable √Not applicable
Financial consultant engaged by the Company for performing continuous supervision duties in reporting period
□ Applicable √ Not applicable
VI. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□Yes √No
Changes in the
2021 2020 current year over the 2019
previous year (+,-)
Operating revenue (Yuan) 508,520,026.18 424,419,203.34 19.82% 571,072,893.90
Net profit attributable to 131,020,764.38 57,663,828.89 127.21% 219,669,708.47
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
shareholders of the listed
Company(Yuan)
Net profit attributable to
shareholders of the listed
Company after deducting 71,731,038.87 47,719,889.72 50.32% 53,738,507.05
non-recurring gains and
losses(Yuan)
Net cash flow arising from
126,611,734.90 109,105,302.88 16.05% 78,911,353.03
operating activities(Yuan)
Basic earnings per share
0.3040 0.1338 127.20% 0.5096
(RMB/Share)
Diluted earnings per share
0.3040 0.1338 127.20% 0.5096
(RMB/Share)
Weighted average ROE 9.56% 4.48% 5.08% 18.92%
Changes at end of
the current year
Year-end of 2021 Year-end of 2020 compared with the Year-end of 2019
end of previous year
(+,-)
Total assets (Yuan) 1,859,645,205.43 1,708,442,301.15 8.85% 1,645,782,144.03
Net assets attributable to
shareholder of listed Company 1,432,924,273.45 1,310,524,675.47 9.34% 1,270,965,296.02
(Yuan)
The lower one of net profit before and after deducting the non-recurring gains/losses in the last three fiscal years is negative, and the
audit report of last year shows that the ability to continue operating is uncertain
□Yes √No
The lower one of net profit before and after deducting the non-recurring gains/loses is negative
□Yes √No
VII. Difference of the accounting data under accounting rules in and out of China
1. Difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either IAS (International
Accounting Standards) or Chinese GAAP (Generally Accepted Accounting Principles) in the period.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
2. Difference of the net profit and net assets disclosed in financial report, under both foreign accounting
rules and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreign accounting rules or
Chinese GAAP (Generally Accepted Accounting Principles) in the period.
VIII. Quarterly main financial index
In RMB
Q1 Q2 Q3 Q4
Operating revenue 144,033,886.08 105,458,375.16 136,697,968.79 122,329,796.15
Net profit attributable to
shareholders of the listed 21,691,438.24 22,851,277.08 25,443,244.99 61,034,804.07
Company
Net profit attributable to
shareholders of the listed
20,476,430.15 21,114,162.32 23,496,249.31 6,644,197.09
Company after deducting
non-recurring gains and losses
Net cash flow arising from
-4,764,233.42 64,335,632.44 37,452,152.98 29,588,182.90
operating activities
Whether there are significant differences between the above-mentioned financial index or its total number and the relevant financial
index disclosed in the Company’s quarterly report and semi-annual report
□Yes √No
IX. Items and amounts of non-recurring profit (gain)/loss
√Applicable □ Not applicable
In RMB
Item 2021 2020 2019 Note
Income from
Gains/losses from the disposal of
disposal of the
non-current asset (including the write-off 66,654,129.65 1.00 210,897,055.76
Dongfeng
that accrued for impairment of assets)
Company’s equity
Governmental subsidy calculated into
current gains and losses(while closely
The government
related with the normal business of the
subsidy from
Company, the government subsidy that 2,923,779.58 1,522,079.42 276,907.09
preferential
accord with the provision of national
enterprise policy
policies and are continuously enjoyed in
line with a certain standard quota or
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
quantity are excluded)
Interest receivable
Fund possession cost reckoned into
from Dongfeng
current gains/losses charged from 629,671.75 435,887.15 47,083.32
Company’s
non-financial business
dividend
Gains/losses of fair value changes arising
from holding of the trading financial asset,
trading financial liability and investment
earnings obtained from disposing the
trading financial asset, trading financial 10,073,533.17 8,812,468.26 10,684,691.16 Financial income
liability, and financial assets available
for sale, except for the effective hedging
business related to normal operation of the
Company
Restoring of receivable impairment
493,295.33 935,476.72
provision that tested individually
Other non-operating income and
expenditure except for the aforementioned 730,552.50 3,196,406.42 -744,465.10
items
Refund of handling
Other gain/loss that meet the definition of
46,275.77 44,839.26 9,378.94 charge for
non-recurring gain/loss
individual tax
Less: Impact on income tax 19,790,228.25 3,123,780.55 55,755,620.55
Impact on minority shareholders’
1,977,988.66 1,437,257.12 419,305.92
equity (post-tax)
Total 59,289,725.51 9,943,939.17 165,931,201.42 --
Details of other gains/losses items that meets the definition of non-recurring gains/losses:
□ Applicable √ Not applicable
There are no other gains/losses items that meet the definition of non-recurring gains/losses in the Company.
Explain the items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss in Q&A
Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss
□ Applicable √ Not applicable
There are no items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss in Q&A
Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Section III Management Discussion and Analysis
I. Industry of the Company during the reporting period
(i) Overall economic conditions
The year 2021 was the first year of China's post-pandemic economy, the beginning of the “14th Five-Year Plan”,
and also the year of two centenary goals convergence and strategic transformation. Although factors such as
variation of virus, flood disasters, policy tightening, and imported pandemic control disrupted the short-term
economy, under the influence of low base effect, enhanced endogenous momentum and trend-returning forces, in
2021, China's macro economy showed significant characteristics of “overall high growth rate”, “seemingly falling
quarter by quarter”, and “actually recovering quarter by quarter”. From the production side, China's production
recovered steadily and the structure was further optimized. From the demand side, the comparison of the three
demand forces was more reasonable. In August, the scissors difference between PPI and CPI hit a record high. At
the same time, due to the impact of the pandemic, the growth rate of disposable personal income declined, the
household consumption tendency declined, and the income gap widened. The growth rate of household
consumption expenditure has not yet recovered to the growth level before the pandemic, indicating that the
economic recovery remained uneven. There was more room for proactive fiscal policy during the year, which
boosted the economy. A prudent monetary policy increased support for key fields and weak links.
(ii) Jewelry Industry
Under the influence of the pandemic, the demand for jewelry had been deferred until 2021, which brought about a
rapid recovery of the jewelry industry. The pandemic also accelerated the clearance of small and medium-sized
enterprises and stores with bad management, bringing about an increase in industry concentration and an
improvement in the competitive landscape. Since the beginning of 2021, the domestic gold and jewelry retail
market has been recovering after the pandemic was further controlled in China. From January to August, the total
retail sales of gold, silver and jewelry consumer goods reached 198.04 billion yuan, a year-on-year increase of
43.4%, which was also an increase compared to 2019, the market demand increased somewhat. However, the
competition for the sinking market share was fierce, the homogenization and price wars intensified. At the same
time, the policy of deferred consumption tax on jewelry and jade had been promulgated for more than one year,
but has not been implemented yet, the import rate except for diamonds was high, and the motivation for
enterprises to operate in compliance was insufficient. The differentiation of the jewelry industry has become more
and more obvious under the pandemic, the sales volume of leading enterprises continued to grow with their
advantages in brands and channels, and the jewelry ornaments has continued to increase market share with the
promotion of e-commerce and live streaming, while it is increasingly difficult for small and medium-sized brands
lack of innovation to operate.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
(iii) Commercial operation industry
The overall supply of rental service in Shenzhen exceeds demand, the vacancy rate of some office buildings and
commercial shops has increased, and the unit rental price of shops and office buildings has dropped significantly.
Working from home has also reduced the demand for rentals to a certain extent. The requirements for operating
service models and operating standards of commercial entities have been further enhanced.
(iv) Automobile industry
New energy vehicles have become the biggest bright spot in the automobile industry, whose sales volume
increased by 157.57% on a year-on-year basis, and production and sales hit a record high. The impact of pandemic
on fuel vehicles exceeded expectations, and the impact on new vehicle sales and after-sales service was huge,
especially for mid-to-low-end brands. The chip supply crisis intensified, and various auto manufacturers
significantly reduced production and stopped production. In August, September, and October, most manufacturers
reduced production by more than 50%, which directly affected the business of each store. The impact of the new
insurance policy and annual vehicle examination policy issued at the end of last year became visible, and the
maintenance business and overhaul business were significantly reduced.
II. Main businesses of the Company in the reporting period
Main business of the Company during the reporting period was jewelry service business, commercial operation
management; sales of automobile, testing, maintenance and accessories sales.
1. Jewelry service business: Established for just over one year, Tellus Group Jewelry Bonded Platform has had
more than 200 settled enterprises and nearly 400 service enterprises, achieved the total amount of import and
export of 2.3 billion yuan, and paid import tax of more than 30 million yuan. The import amount of pearl
accounted for 53% of the same period throughout the country, and the domestic sales of colored gems accounted
for 39% of the same period throughout the country. In order to strengthen the third-party service capability of
diamonds, the company established Shanghai Fanyue, a member company of the Shanghai Diamond Exchange, in
June, and carried out trial operation at the end of August, realizing the closed-loop service from the bonded
exhibition transaction to the general trade import of diamonds. According to market demand, the company has
reshaped the safe deposit box service, so as to mainly achieve breakthroughs in safe deposit box sales by relying
on the service model design application scenarios of bonded platform, and actively expand other business
scenarios.
2. Commercial operation management: The monthly occupancy rate of the tower of Tellus Jewelry Building was
99% all year round, and the occupancy rate of podium building was 95% by the end of the year. The Building held
20 "Heart Warming" activities throughout the year, it invited high-quality commercial tenants to attend the
Shenzhen International Jewelry Fair for the first time, and successfully upgraded to be the Shenzhen Municipal
Cultural and Creative Industry Park. The company made outstanding achievements in energy saving and carbon
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
reduction, and the Building was awarded the first three-star green building in Luohu District. The occupancy rate
of Tellus Life Experience Hall reached 98% by the end of the year, and the traditional property still maintained an
average annual occupancy rate of 99% in the unfavorable market environment. In terms of management,
internalized the consulting and research results, improved its own operation system, and created a high-quality
service experience. Innovated the way of publicity and promotion, and shot video of shops via Tik Tok to help the
merchants gain both fame and fortune.
3. Automobile sales, testing, maintenance and parts sales: In terms of automobile sales, increased monthly in-store
marketing activities, adjusted sales policies in a timely manner, optimized internal and external promotion policies
for value chain products of new vehicles sales, and promoted the increase in sales added value. In terms of fuel
vehicle maintenance services, timely solved customer problems by telephone follow-up and remote diagnosis to
faulty vehicles through the Internet of Vehicles function; improved customer experience through digital marketing;
improved customer viscosity through the establishment of a one-customer-one-group system and the sales of
service packages for multiple regular maintenance; turned dissatisfied customers into loyal customers through
customer complaint deduction; increased the output value of customer maintenance orders through key
commodity marketing. In terms of new energy vehicle maintenance services, comprehensively strengthened the
after-sales service of Xiaopeng new energy vehicles, especially customer experience.
III. Core Competitiveness Analysis
1.Deeply cultivate the jewelry industry, play the identity advantages and build an industrial platform
Solidly promoted the third-party ecosystem construction of the jewelry, which rapidly improved the company's
popularity and influence in the jewelry industry. The company kept trying to innovate business models and
steadily promoted the implementation of transformation projects, gave full play to the credit advantages of a
state-owned listed company and the physical platform resources in Shuibei area, a jewelry industry gathering
place, and went deeply into the jewelry industry chain so as to help the jewelry third-party business achieve
leapfrog development. In 2019, Shenzhen Tellus Baoku Supply Chain Tech. Co., Ltd. was established to carry out
jewelry supply chain business, which consolidated the third-party service foundation for jewelry. In 2020,
Shenzhen Jewelry Industry Service Co., Ltd. was established to provide services such as bonded exhibition,
bonded warehousing, customs declaration, logistics, and settlement, which shall be built into a comprehensive
element trading service platform with international influence integrating jewelry raw materials and finished
products exhibition, spot trading, testing, identification, design, processing, e-commerce, financial services,
insurance and so on. In 2021, Shanghai Fanyue Company was established, which realized the closed-loop service
from the bonded exhibition transaction to the general trade import of diamonds. As an important starting point for
the group's strategic transformation, Shenzhen Jewelry has significantly improved its position in the national
jewelry industry chain. The successful operation of Shenzhen Jewelry was highly recognized by both municipal
and district governments and customs in Shenzhen, which enhanced the company's position in the jewelry
industry chain.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
2.Abundant property resources provide stable business income and financial support
The Company is the largest owner of the Tellus Gman Gold Jewelry Industrial Park in the Shuibei area, Tellus
Shuibei Jewelry Building has been fully put into use, and the construction project of the Tellus Jinzuan Trading
Building is progressing as planned. At the same time, the company will construct an innovative industrial projects
in Buxin area that conform to the overall strategic layout of the city, district and the Company through renovation.
In addition, the Company has a large number of property resources in Luohu and Futian district of Shenzhen, on
the basis of maintaining the stability of the original leasing business, the company will actively promote the
improvement of property quality and transform its old properties from the traditional method of simple leasing to
the direction of property asset operation, so as to fully enhance and tap the added value of the property brand,
bring stable business income and cash flow to the company, and provide a solid foundation for the company's
long-term development.
IV. Main business analysis
1.Overview
During the reporting period, under the correct leadership of the party committee and the board of directors, and
with the joint efforts of all staff, the company forged ahead, seized opportunities, and generally presented a
development trend of “ steady progress and quality improvement”, which took the initiative in the good opening
of the 14th Five-Year Plan.
(1) The third-party business of jewelry achieved leapfrog development. The construction of the third-party
ecosystem of jewelry was solidly promoted. As an important starting point for the company's strategic
transformation, Shenzhen Jewelry achieved remarkable results, and the supporting and derivative services became
more complete. Shanghai Fanyue Company realized the closed-loop service from the bonded exhibition
transaction to the general trade import of diamonds. Baoku Supply Chain Co., Ltd. reshaped the business
positioning of safe deposit boxes, relying on service model designs application scenarios of the bonded platform.
(2) The construction and operation of Tellus Gold Diamond Trading Building project made steady progress as
planned. The company overcame the impact of the pandemic and the rainy season, took multiple measures, such
as alternative construction, optimization of procedures, designing of main structure, and completed the phased
goal of capping the main building with high quality in advance.
(3) Commercial operation and management capabilities significantly enhanced. The tower of Tellus Jewelry
Building had an average occupancy rate of 99%, and the occupancy rate of podium building reached 95% by the
end of the year. The company continued to improve the service quality, and achieved outstanding results in energy
saving and carbon reduction. The Building won the first three-star green building in Luohu District. The
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
occupancy rate of Tellus Life Experience Hall increased from less than 70% at the beginning of the year to 98%
by the end of the year. The commercial operations of other old property resources also achieved good results.
(4) The automotive aftermarket business of Huari Company wend ahead steadily. In the context of the continuous
decline in sales volume of traditional vehicles, it still maintained a good sales volume of new vehicles, and sought
breakthroughs in the aftermarket business by expanding new energy vehicle maintenance services.
(5) Continuously optimized management to build a team of fighters having the same resonance. The supporting
role of corporate culture was strongly demonstrated, 7 conventions of the company’s first batch of fighters have
been screened out by soliciting employees' opinions, which fully reflected that the cultural concept is rooted in the
grassroots and extracted from the business. The company held 3 strategy seminars throughout the year to draw a
strategic blueprint and unify thinking and pacing. Focused on the management improvement, improved the
incentive mechanism, and accelerated the construction of a “flying-geese pattern” for talent development.
(6) Promoted informatization construction in an orderly and effective manner. According to business needs, the
company actively promoted the informatization construction phase II of Shenzhen Jewelry. Completed the
upgrade of the OA system, covered the application to the subordinate enterprises, optimized the system structure
and improved the process efficiency.
(7) Adhered to the leadership of party building and brought together development forces. Give full play to the role
of the party committee in “controlling the direction, managing the overall situation, and promoting the
implementation”, the party committee held 58 meetings throughout the year and reviewed 285 topics; solidly
carried out the study and education of the party’s history, organized 17 “I do practical things for the masses”
activities.
(8) Made unremitting efforts in safety production, and there was no accident. Kept tightening the pandemic
prevention and control, and there was no new infection. Opened up the “last mile” of safety production through
the implementation of detailed systems and the compaction of responsibilities, combined safety production work
with production and operation, earnestly implemented the “one post with two responsibilities” of the front-line
staff, organized 37 internal trainings for safety production throughout the year, invested more than 2 million yuan
in the renovation of safety production equipment and facilities, and rectified more than 900 hidden dangers.
During the reporting period, the Company made a total of 176.12 million yuan in profit, 99.41 million yuan up
compared to 76.70 million yuan in the same period of previous year; the net profit attributable to parent company
has 131.02 million yuan, an increase of 73.36 million yuan compared to 57.66 million yuan in the same period of
previous year; the year-on-year increase was mainly including, firstly, property leasing has major impact from the
epidemic in the same period last year, and secondly, disposal on Dongfeng Company’s equity made a larger
contribution to the total profit this year.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
2. Revenue and cost
(1) Constitute of operation revenue
In RMB
2021 2020
y-o-y changes
Ratio (%) in Ratio (%) in
Amount Amount (+,-)
operation revenue operation revenue
Total operation
508,520,026.18 100% 424,419,203.34 100% 19.82%
revenue
According to industries
Auto sales 194,373,092.47 38.22% 204,928,883.35 48.28% -5.15%
Auto inspection
and maintenance
49,668,740.60 9.77% 43,351,689.36 10.21% 14.57%
and accessories
sales
Property rental and
205,073,101.95 40.33% 141,283,172.60 33.29% 45.15%
service
Jewelry wholesale
59,405,091.16 11.68% 34,855,458.03 8.21% 70.43%
and retails
According to products
Auto sales 194,373,092.47 38.22% 204,928,883.35 48.28% -5.15%
Auto inspection
and maintenance
49,668,740.60 9.77% 43,351,689.36 10.21% 14.57%
and accessories
sales
Property rental and
205,073,101.95 40.33% 141,283,172.60 33.29% 45.15%
service
Jewelry wholesale
59,405,091.16 11.68% 34,855,458.03 8.21% 70.43%
and retails
According to region
Shenzhen 508,520,026.18 100.00% 407,455,899.14 96.00% 24.80%
Sichuan 16,963,304.20 4.00% -100.00%
According to sales model
Direct sales 508,520,026.18 100.00% 424,419,203.34 100.00% 19.82%
16
深圳市特力(集团)股份有限公司 2021 年年度报告全文
(2) The industries, products, regions or sales model accounting for over 10% of the Company’s operating
revenue or operating profit
√Applicable □ Not applicable
In RMB
Increase/decrea
Increase/decrea Increase/decrea
Operating Gross profit se of gross
Operating cost se of operating se of operating
revenue ratio profit ratio
revenue y-o-y cost y-o-y
y-o-y
According to industries
Auto sales 194,373,092.47 184,509,794.34 5.07% -5.15% -3.74% -1.39%
Auto inspection
and
maintenance 48,568,032.68 38,760,088.93 20.19% 15.88% 19.18% -2.22%
and accessories
sales
Property rental
196,537,676.90 71,382,659.79 63.68% 46.01% 23.95% 6.46%
and service
Jewelry
wholesale and 59,404,147.76 55,776,535.88 6.11% 70.43% 60.47% 5.83%
retails
According to products
Auto sales 194,373,092.47 184,509,794.34 5.07% -5.15% -3.74% -1.39%
Auto inspection
and
maintenance 48,568,032.68 38,760,088.93 20.19% 15.88% 19.18% -2.22%
and accessories
sales
Property rental
196,537,676.90 71,382,659.79 63.68% 46.01% 23.95% 6.46%
and service
Jewelry
wholesale and 59,404,147.76 55,776,535.88 6.11% 70.43% 60.47% 5.83%
retails
According to region
Shenzhen 498,882,949.81 350,429,078.94 29.76% 24.93% 16.60% 5.02%
Sichuan -100.00% -100.00% -5.62%
According to sales model
Direct sales 498,882,949.81 350,429,078.94 29.76% 19.84% 10.70% 5.80%
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main business based on
17
深圳市特力(集团)股份有限公司 2021 年年度报告全文
latest one year’s scope of period-end
□ Applicable √ Not applicable
(3) Income from physical sales larger than income from labors
√ Yes □ No
Y-o-y changes
Industries Item Unit 2021 2020
(+,-)
Sales volume Set 1,071 1,177 -9.01%
Auto sales
Storage Set 110 122 -9.84%
Reasons for y-o-y relevant data with over 30% changes
□ Applicable √ Not applicable
(4) Performance of the material sales contract and major procurement contracts that signed by the
Company up to the reporting period
□ Applicable √Not applicable
(5) Constitute of operation cost
Classification of industries and products
In RMB
2021 2020
Y-o-y changes
Industries Item Ratio (%) in Ratio (%) in
Amount Amount (+,-)
operation cost operation cost
Auto sales Automobile 184,509,794.34 52.28% 191,680,818.07 60.04% -3.74%
Auto inspection
and
Accessory,
maintenance 39,971,148.37 11.33% 34,227,425.76 10.72% 16.78%
maintenance
and accessories
sales
Lease, property
Property rental
management 72,672,237.22 20.59% 58,595,796.21 18.35% 24.02%
and service
and other
Jewelry Retail and
wholesale and wholesale of 55,776,535.88 15.80% 34,757,161.55 10.89% 60.47%
retails jewelry
In RMB
Products Item 2021 2020 Y-o-y changes
18
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Ratio (%) in Ratio (%) in (+,-)
Amount Amount
operation cost operation cost
Auto sales Automobile 184,509,794.34 52.28% 191,680,818.07 60.04% -3.74%
Auto inspection
and
Accessory,
maintenance 39,971,148.37 11.33% 34,227,425.76 10.72% 16.78%
maintenance
and accessories
sales
Lease, property
Property rental
management 72,672,237.22 20.59% 58,595,796.21 18.35% 24.02%
and service
and other
Jewelry Retail and
wholesale and wholesale of 55,776,535.88 15.80% 34,757,161.55 10.89% 60.47%
retails jewelry
(6) Whether the changes in the scope of consolidation in Reporting Period
√Yes □ No
1.New subsidiary established in the Period
Name Established Fund contribution Funded ratio(%)
(Yuan)
Shanghai Fanyue Diamond Co., Ltd. In June 2021 1,000,000.00 100
2.Subsidiary liquidated in the Period
Name Liquidation
Sichuan Tellus Jewelry Tech. Co., Ltd. In August 2021
Anhui Tellus Starlight Jewelry Investment Co., Ltd. In March 2021
Anhui Tellus Starlight Jinzun Jewelry Co., Ltd. In January 2021
(7) Major changes or adjustment in business, product or service of the Company in Reporting Period
□ Applicable √ Not applicable
(8) Major sales and main suppliers
Major sales client of the Company
Total top five clients in sales (Yuan) 77,954,118.89
Proportion in total annual sales volume for top five
15.33%
clients
19
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Ratio of the sales from related parties in total annual
0.00%
sales among the top five clients
Information of top five clients of the Company
Serial Name Sales (Yuan) Proportion in total annual sales
1 Client 1 29,242,478.00 5.75%
2 Client 2 22,086,017.68 4.34%
3 Client 3 9,137,885.13 1.80%
4 Client 4 8,908,897.47 1.75%
5 Client 5 8,578,840.61 1.69%
Total -- 77,954,118.89 15.33%
Other situation of main clients
□ Applicable √ Not applicable
Main suppliers of the Company
Total purchase amount from top five suppliers (Yuan) 245,777,853.97
Proportion in total annual purchase amount for top five
69.64%
suppliers
Ratio of the purchase from related parties in total
2.04%
annual purchase among the top five suppliers
Information of top five suppliers of the Company
Serial Suppliers Procurement (Yuan) Proportion in total annual procurement
1 Supplier 1 163,860,138.13 46.43%
2 Supplier 2 25,080,000.00 7.11%
3 Supplier 3 21,349,048.59 6.05%
4 Supplier 4 28,297,345.14 8.02%
5 Supplier 5 7,191,322.11 2.04%
Total -- 245,777,853.97 69.64%
Other notes of main suppliers of the Company
□ Applicable √ Not applicable
3. Expenses
In RMB
2021 2020 Increase/decreas Note of major changes
20
深圳市特力(集团)股份有限公司 2021 年年度报告全文
e y-o-y (+,-)
Increased 8 months of costs on a
y-o-y basis due to the establishment
of subsidiary Shenzhen Jewelry
Sales expense 27,178,175.03 17,715,132.43 53.42% Company in August 2020; there was
a reduction of society security at the
same period of the previous year due
to epidemic
There was a reduction of society
Management expense 47,151,316.69 39,984,244.07 17.92% security at the same period of the
previous year due to epidemic
Increased in the interest income in
Financial expense -4,270,881.74 -3,305,883.68 -29.19%
the year
4. R&D investment
□ Applicable √ Not applicable
5. Cash flow
In RMB
Item 2021 2020 Y-o-y changes (+,-)
Subtotal of cash in-flow from
593,319,656.80 580,706,758.00 2.17%
operation activity
Subtotal of cash out-flow from
466,707,921.90 471,601,455.12 -1.04%
operation activity
Net cash flow arising from
126,611,734.90 109,105,302.88 16.05%
operating activities
Subtotal of cash in-flow from
1,589,951,156.88 1,465,610,805.84 8.48%
investment activity
Subtotal of cash out-flow from
1,720,644,122.34 1,763,400,388.10 -2.24%
investment activity
Net cash flow arising from
-130,692,965.46 -297,789,582.26 -56.11%
investment activity
Subtotal of cash in-flow from
75,601,270.39 42,971,759.33 75.93%
financing activity
Subtotal of cash out-flow from
68,563,307.20 46,625,829.24
financing activity 47.05%
Net cash flow arising from
7,037,963.19 -3,654,069.91 -292.61%
financing activity
21
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Net increased amount of cash and
3,192,929.23 -192,205,601.18 -101.66%
cash equivalent
Main reasons for y-o-y major changes in aspect of relevant data
√Applicable □Not applicable
Y-o-y Note
Item 2021 2020 change
s (+,-)
Net cash flow arising from -56.1
-130,692, -297,789, Mainly due to the carrying forward of transfer of the
investment activity 1%
965.46 582.26 equity in Dongfeng
Subtotal of cash in-flow from 75.93 New long-term borrowings from Tellus Jinzuan Trading
75,601,27 42,971,75
financing activity % Building increased
0.39 9.33
Subtotal of cash out-flow from 47.05
68,563,30 46,625,82 Minority shareholders’ investment are return due to the
financing activity %
7.20 9.24 written-off of Sichuan Company
Net cash flow arising from -292. New long-term borrowings from Tellus Jinzuan Trading
7,037,963. -3,654,06
financing activity 61% Building increased
19 9.91
Net increased amount of cash -101.
3,192,929. -192,205, Mainly due to the equity transfer of Dongfeng and
and cash equivalent 66%
23 601.18 increase of long-term borrowing
Explanation of the reasons for significant difference between the net cash flow from operating activities and the net profit of the year
during the reporting period
□Applicable √Not applicable
V. Analysis of the non-main business
√Applicable □ Not applicable
In RMB
Ratio in total Whether be
Amount Causes and explanation
profit sustainable(Y/N)
Income from equity disposal and
financial management, and the
Investment income 93,780,306.77 53.25% investment income recognized by N
participating enterprise on equity
method
Gain/loss of fair 663,932.88 0.38% Change of the fair value on outstanding N
22
深圳市特力(集团)股份有限公司 2021 年年度报告全文
value changes financial products
Assets impairment -774,478.41 -0.44% Impairment loss on vehicles in stock N
Non-operation Forfeiture of lease deposits and civil
768,055.65 0.44% N
revenue damages received, etc.
Loss on retirement of non-current
Non-operation
37,503.15 0.02% assets and liquidated damages N
expenditure
expenses
VI. Assets and liability
1. Major changes of assets composition
In RMB
Year-end of 2021 Year-begin of 2021 Ratio Notes of
Ratio(%) in total Ratio (%) in changes major
Amount Amount
assets total assets (+,-) changes
Monetary fund 240,582,057.16 12.94% 237,625,698.93 13.91% -0.97% -
Account
18,094,059.92 0.97% 19,828,510.36 1.16% -0.19% -
receivable
Inventory 25,434,925.04 1.37% 22,079,679.93 1.29% 0.08% -
Investment
551,383,294.54 29.65% 568,246,616.13 33.26% -3.61% -
real estate
Long-term
equity 88,310,867.47 4.75% 123,640,955.57 7.24% -2.49% -
investment
Fix assets 109,438,198.23 5.88% 119,136,917.91 6.97% -1.09% -
Construction in
210,197,546.72 11.30% 101,740,485.48 5.96% 5.34% -
process
Right-of-use
7,336,915.83 0.39% 0.39% -
assets
Contract
21,059,311.18 1.13% 18,988,628.13 1.11% 0.02% -
liability
Long-term
86,875,874.39 4.67% 11,171,759.33 0.65% 4.02% -
loans
Lease liability 4,474,543.09 0.24% 0.24% -
Foreign assets account for a relatively high proportion
□Applicable √Not applicable
23
深圳市特力(集团)股份有限公司 2021 年年度报告全文
2. Assets and liability measured by fair value
√Applicable □Not applicable
In RMB
Accumulat Impair
Gains/losses ive ment Oth
Amount of Amount of
Opening of change of changes of accrua er Ending
Items purchase in the sale in the
amount fair value in fair value l in chan amount
period period
the period reckoned the ges
into equity period
Financial
assets
1. Trading
financial
assets
314,013,869.8 1,582,280,000. 1,484,500,000. 412,712,843.
(excluding 918,973.98
6 00 00 84
derivative
financial
assets)
314,013,869.8 1,582,280,000. 1,484,500,000. 412,712,843.
Above total 918,973.98
6 00 00 84
Financial
0.00 0.00 0.00 0.00 0.00
liabilities
Whether there have major changes on measurement attributes for main assets of the Company in report period or not
□ Yes √No
3. Right of the assets restrained as of the period-end
Found more in Auditing Report 2021 released on Juchao Website on the same date: V. “51-Assets subject to restrictions on
ownership or use” carry in the annotation of financial statement
VII. Investment Analysis
1. Overall situation
√Applicable □Not applicable
Investment amount at same period of last
Investment amount in the period (Yuan) Changes (+,-)
year (Yuan)
141,744,792.01 134,347,000.00 5.51%
24
深圳市特力(集团)股份有限公司 2021 年年度报告全文
2. The major equity investment obtained in the reporting period
√Applicable □Not applicable
In RMB
Date Inde
Statu of x of
Name Wh
Meth P s as Exp discl discl
of Prin Amo Capi Term Current ethe
od of Share ar of the ecte osur osur
invest cipal unt of tal of Type of investme r
inves holdi tn balan d
ed busi invest sour invest products nt profit litig e (if e (if
tmen ng er ce retur
compa ness ment ces ment and loss atio appli appli
t s sheet n
ny n cabl cabl
date
e e
) )
Shang Sales of
hai diamond
Fanyu Jew New No s,
1,000 Own N Com
e elry estab 100.0 fixed jewelry -240,741.
,000. fund / plete 0.00 N
Diamo busi lishe 0% deadli and 66
00 s A d
nd ness d ne import &
Co., export of
Ltd. goods
1,000
-240,741.
Total -- -- ,000. -- -- -- -- -- -- 0.00 -- -- --
66
00
3. The major non-equity investment doing in the reporting period
□ Applicable √ Not applicable
4. Financial assets investment
(1) Securities investment
□ Applicable √ Not applicable
The Company has no securities investment during the reporting period
(2) Derivative investment
□ Applicable √ Not applicable
The Company has no derivative investment during the reporting period
25
深圳市特力(集团)股份有限公司 2021 年年度报告全文
5. Application of raised proceeds
□ Applicable √ Not applicable
The Company has no application of raised proceeds during the reporting period
VIII. Sales of major assets and equity
1. Sales of major assets
□Applicable √Not applicable
The Company has no major assets sold during the reporting period
2. Sales of major equity
√Applicable □Not applicable
Net
Whether
profit
Ratio the
contrib
of the impleme
uted
net ntation is
by the
profit Wh on
equity
contri eth Affil Wheth schedule,
to the
buted er it iatio er the and
Tradin listed
Impac to the is a n equity explain Dat
g price compa Pricin Index
Cou Selli t on listed rela with involv the e of
Equity (10 ny g of
nter ng the comp ted the ed has reasons disc
sold thousa from princi disclosu
party day comp any tran coun been and losu
nd period- ple re
any from sact ter fully measure re
yuan) begin
equity ion part transfe taken by
to the
sales (Y/ y rred the
date of
to the N) Compan
sales
total y for not
(10
net impleme
thousa
profit nted as
nd
planned
yuan)
Hans 25% Impac Found
Indu equity t of Impleme more in
2021 Mark 202
stry of 10,499 the 37.58 nted as “Notice
-09- 0 et N N/A Y 1-10
Inve Shenzh .05 projec % schedule on
26 price -16
stme en t on d Progres
nt Dongfe total s of
26
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Co., ng profit Disposa
Ltd. Motor of the l of
Co., Comp 25%
Ltd. any Equity
was in
appro Shenzh
ximat en
ely Dongfe
66.17 ng
millio Motor
n Co.,
yuan Ltd.”
(Notice
No.:
2021-0
45)
released
on
Securiti
es
Times,
Hong
Kong
Comme
rcial
Daily
and
Juchao
Website
(www.c
ninfo.co
m.cn)
IX. Analysis of main holding Company and stock-jointly companies
√Applicable □Not applicable
Particular about main subsidiaries and stock-jointly companies net profit over 10%
In RMB
Company Typ Main Register Operating Operating
Total assets Net assets Net profit
name e business capital revenue profit
Shenzhen Sub Sales of 58.96
sidi 469,156,780. 399,589,039. 36,034,018.0 87,485,071.74 61,966,279.3
Auto ary auto and million
27
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Industry accessorie yuan 78 12 5 5
and Trade s
Corporatio
n
Auto
maintenan
Shenzhen
ce and
SDG Huari Sub
productio 82,337,832.3 31,501,995.3 39,729,074.8
Auto sidi $ 5 million 5,405,825.85 3,964,557.97
n and 6 7 1
Enterprise ary
sales of
Co., Ltd.
accessorie
s
Shenzhen
Sub 366.2219
Zhongtian Property 649,982,920. 456,301,971. 99,043,645.7 38,425,192.9
sidi million 50,517,425.98
Industrial rental 75 03 1 3
ary yuan
Co,. Ltd.
Shenzhen
Huari
Sub
Toyota 2 million 90,295,930.4 11,184,426.2 245,772,043.
sidi Auto sales 1,623,189.55 914,408.79
Auto sales yuan 5 7 22
ary
Service
Co., Ltd.
Shenzhen
Xinyongto
ng Sub 19.61
Property 17,772,462.8 11,439,984.7
Automobil sidi million 7,054,168.59 2,859,091.89 2,652,289.26
rental 2 4
e Testing ary yuan
Equipment
Co., Ltd.
Shenzhen
Tellus
Xinyongto
Sub 32.9
ng Property 94,129,713.5 73,621,338.3 13,920,281.7
sidi million 7,651,191.50 5,744,189.28
Automobil rental 1 5 7
ary yuan
e
Developme
nt Co., Ltd.
Shenzhen
Tellus Sub 14
Property 18,808,436.3 15,333,132.7
Chuangyin sidi million 5,067,924.31 2,826,362.89 2,531,629.41
rental 7 3
g ary yuan
Technolog
28
深圳市特力(集团)股份有限公司 2021 年年度报告全文
y Co., Ltd.
Purchase,
sales and
leasing of
gold
Shenzhen
jewelry
Tellus
and
Baoku Sub
precious 50 49,555,807.5 46,842,194.8 51,555,888.9 -1,871,707.9
Supply sidi million -1,871,658.06
metal yuan 0 8 9 7
Chain ary
products,
Tech. Co.,
coffer
Ltd.
lease and
warehousi
ng
services
Jewellery
fair
planning,
jewellery
Shenzhen
on
Jewelry Sub consignm
100 32,767,527.2 -6,835,081.7
ent,
Industry sidi million 5,312,125.43 7,229,742.64 -6,829,081.77
exhibition 6 5
yuan
Service ary planning,
conferenc
Co., LTD
e services
and
marketing
planning
Join
Shenzhen t
Car sales
Zung Fu stoc 30
and 168,505,369. 78,194,012.4 1,196,335,56 26,521,546.6
Tellus Auto k million 28,089,762.03
maintenan 34 1 5.98 1
Service Co yuan
ce
Co., Ltd. mpa
ny
Investmen
Shenzhen Join t in
t
Tellus industry, 123.70496
stoc 412,219,228. 94,981,481.5 94,989,415.3 19,647,999.3
Gman k property million 28,357,306.11
Co 87 6 0 6
Investment managem yuan
mpa
Co., Ltd. ny ent and
leasing
Particular about subsidiaries obtained or disposed in report period
√Applicable □Not applicable
Name Way to obtained and dispose in the Impact on overall operation and
29
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Period performance
An important part of the jewelry third
party operation service strategy of the
Company, the Shanghai Fanyue is in
Shanghai Fanyue Diamond Co., Ltd. Newly established
progress of construction in 2021 and
with net profit of -240,000 yuan for
2021.
X. Structured vehicle controlled by the Company
□ Applicable √Not applicable
XI. Future development prospects
1. Development strategy
During the 14th Five-Year Plan period, the company will be based on the new development stage, center on the
strategic ideas of “adhering to the comprehensive value crossing the economic cycle, using services to enhance
the value chain, seeking capital assignment, and deeply cultivating the development pattern of the third party of
jewelry”, coordinate and promote the work throughout the year, concentrate superior resources, dynamically
adjust the focus of main business, and strive to create new highs in quality and efficiency. Since the company
formulated the strategic plan to transform into a third-party comprehensive operation service provider in the
jewelry industry in 2014, it has been unswervingly promoting strategic transformation and project implementation
in accordance with the established strategy. After years of exploration and attempts, substantial results have been
achieved. In the future, the company will continue to go deep into the third-party service platform for jewelry,
deepen the expansion of the third-party services for jewelry, promote industrial upgrading, improve production
capacity and efficiency, and strive to become the most influential third-party comprehensive service provider in
the domestic jewelry and jade industry. Closely focus on the decomposition and implementation of the annual
goals of the “14th Five-Year” strategic plan, and make overall plans for various tasks from four perspectives, i.e.
long-term perspective, implementation, operability, and actual results, and lead high-quality & healthy
development with high-quality business plans.
2. Business plan for 2022
In 2022, the company will continue to deepen the expansion of third-party services for jewelry, fulfill the Tellus
spirit of “fairness, diligence, hard work, and reality”, and promote the formation of a team of fighters that work
together and have the same resonance.
(1) Strengthen the empowerment of party building and draw concentric circles for development
Fully implement the requirements of party building work in the new era. Reinforce theories, and continue to do a
good job in the study and education of party members as required. Promote the integrated development of party
30
深圳市特力(集团)股份有限公司 2021 年年度报告全文
building and management, create a characteristic party building of “one enterprise, one brand”, and determine a
secretary project. Set up a vanguard service post for party members, and organize party members to participate in
voluntary service activities and do good deeds for the people around them.
(2) Third-party business of jewelry: seek breakthroughs in development, and seek practical results in innovation
Improve the business management system, improve the safe and efficient operation internal control system,
establish a talent training mechanism for jewelry, and actively explore innovative talent selection and training
models by formulating effective key post successor and reserve talent selection plans to create a third-party high
quality talent team for jewelry.
Shenzhen Jewelry Company will consolidate and strengthen the existing competitive pearl categories, integrate
upstream resources, and build a seawater pearl trading and distribution center facing the Asia-Pacific region; learn
from the development model of competitive categories to achieve breakthroughs in the development of diamonds,
colored gems and other categories; expand the service coverage and and business scope of the bonded platform,
expand business promotion ideas, create special international bonded jewelry fairs of Shenzhen Jewelry, form a
brand effect, and radiate the whole country.
Baoku supply chain will optimize the business process of gold purchase and sale, and actively explore the supply
chain business of other gold jewelry categories.
The third-party ecosystem of Jewelry will continue to actively explore third-party projects of the jewelry that can
give full play to its own advantages.
(3) Commercial operation management business
Tellus Gold Diamond Trading Building: In terms of engineering construction, work hard, speed up and strive for
excellence, fulfill the completion acceptance ahead of schedule, and strive to meet the conditions for commercial
tenants to enter for decoration before the end of the year.
In terms of investment promotion and operation: link various projects to strengthen the publicity and promotion
efforts, strengthen the team management for investment promotion, focus on target customer groups, and take
multiple measures to complete the decoration, procurement, investment promotion and other preparations for the
opening of Tellus Gold Diamond Trading Building with high quality.
Tellus Jewelry Building will provide sincere services and carry out characteristic operation, adhere to the purpose
of serving customers wholeheartedly, innovate the operation service concept, improve the supporting facilities and
equipment of the Building, coordinate the integration and promotion of “Shenzhen Jewelry”, “Baoku” and
“entrepreneurship and innovation” projects, and build a procurement platform of “one-stop” supporting services.
31
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Tellus Life Experience Hall will strive to reach a new high in the investment attraction rate, continue to improve
the quality and service of the experience hall through digital, intelligent and refined management, and create a
more comfortable shopping environment.
Traditional property will pay close attention to the implementation of various tasks, strengthen the planning,
investment promotion, packaging and market positioning of the property, accelerate the quality improvement,
increase the added value of property, and maximize the overall level of property operating income.
(4) Automotive aftermarket business
In terms of automobile sales, the company will implement a systematic brand promotion plan, improve the quality
of marketing activities, pay close attention to the flow of customers in stores, and attract more customers. In terms
of maintenance services, the company will improve customer retention and customer retention rates, and the
annual visiting frequency and annual output value of each customer. In terms of testing services, the company will
develop its own basic customers, reform the existing business methods, and introduce testing reception
consultants.
(5) Improve the talent echelon construction system and comprehensively enhance the quality of talent training
Attract talents by optimizing the recruitment channels and evaluating the entry and leaving situation. Improve the
rank promotion system and intensify the training of reserve talents and successors. Explore new models of modern
human resources management, optimize and improve management efficiency, and stimulate organizational
vitality.
(6) Strictly implement and keep unremitting efforts to do a good job in pandemic prevention and control
Pay close attention to the prevention and control of the pandemic and ensure all measures are put in place. Timely
and efficiently complete the information reporting of pandemic prevention and control, and ensure that employees
conduct nucleic acid testing in a timely manner. Strengthen responsibilities, prearrange planning for pandemic
prevention and control, and carry out work in a forward-looking manner based on actual conditions.
(7) Do a good job in safety management, eliminate potential safety hazards, and ensure zero safety problems
Implement the responsibility of security principal, and organize the signing of the company's safety responsibility
agreement. Improve the compilation of safety production management systems, innovate safety management work,
and complete the pilot project of special checklists in Buxin area. Carry out safety publicity training and
emergency drills, and investigate and rectify potential safety hazards.
(8) Continue to promote management improvement and innovation and optimization
32
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Firmly adhere to the management improvement strategy of “horizontal benchmarking, identifying gaps; vertical
benchmarking, surpassing ourselves”, keep up with the first class, strive to catch up, challenging oneself, and
continuously upgrade from the aspects of operation, organization, finance, informatization and human resources.
Create a work style that advocates innovation, establish and improve the innovation incentive and fault tolerance
mechanism, build a platform for sharing and promoting innovation achievements, and build an internal driving
force for enterprise development.
3. Possible risks and countermeasures
In the process of strategy implementation and project operation, we will objectively and clearly recognize the
possible risks, and take active and effective measures to prevent them.
(1)Risk 1: Risk from market volatility
Affected by international situation, epidemic in and out of China and other factors, domestic economic growth is
slowing down, the pressure of industrial restructure is increasing; outbreaks of COVID-19 recurs from time to
time, causing a significant impact on the economic development, the overall economic environment brings
uncertain impact on the Company’s operation.
Countermeasures: in response to this risk, the company will actively take various preventive measures. Firstly,
continue to strengthen management, improve efficiency through scientific management, tap the potential to
increase revenue, and comprehensively improve the profitability of the original business; secondly, firmly
promote the pace of strategic transformation, driving the transformation through innovative business models;
exploit the incremental markets, expanding business scale and finding new profit growth points, and continuously
enhance the market influence of the Company, providing a favorable foundation for the long-term stable
development of the Company.
(2) Risk 2: Lack of talents restricts the transformation and development of enterprises
During the period of enterprise transformation and development, with the rapid expansion of new business scale,
enterprises have an increasing demand for all kinds of talents, whether technical or management talents. However,
the existing talent team is gradually unable to meet the requirements of development.
Countermeasures: formulate “top-down” talent training goals, and establish “bottom-up” talent training plans.
With the help of professional human resources consultants, formulate talent training and introduction plans in
combination with the third-party strategy of jewelry and the talent training cycle, so that the talent training plan
and the enterprise development strategy are “in harmony”. Establish unselfish, diligent and truth-seeking work
style, improve cohesion and execution, and ensure the stability of enterprise transformation.
XII. Reception of research, communication and interview during the reporting period
√Applicable □ Not applicable
33
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Basic
Reception Main contents of the discussion situation
Time Location Way Type
target and information provided index of
investigation
The Individu Consulting the earnings forecast Not
2021-01-06 Telephoning Investor
Company al of the Company applicable
The Individu Consulting operation of the Not
2021-01-07 Telephoning Investor
Company al Company applicable
The Individu Consulting the earnings forecast Not
2021-01-08 Telephoning Investor
Company al of the Company applicable
The Individu Consulting operation of the Not
2021-01-15 Telephoning Investor
Company al Company applicable
The Individu Consulting operation of the Not
2021-01-21 Telephoning Investor
Company al Company applicable
The Individu Consulting share reduction of the Not
2021-02-23 Telephoning Investor
Company al shareholders applicable
The Individu Consulting operation of the Not
2021-03-03 Telephoning Investor
Company al Company and share price applicable
The Individu Consulting main business of the Not
2021-03-11 Telephoning Investor
Company al Company applicable
The Individu Consulting the disclosure schedule Not
2021-03-25 Telephoning Investor
Company al for annual report applicable
The Individu Consulting operation of the Not
2021-04-08 Telephoning Investor
Company al Company applicable
The Individu Consulting future development Not
2021-04-13 Telephoning Investor
Company al plan of the Company applicable
The Individu Consulting number of the Not
2021-04-19 Telephoning Investor
Company al shareholders applicable
The Individu Consulting automotive business of Not
2021-04-28 Telephoning Investor
Company al the Company applicable
The Individu Consulting dividend distribution Not
2021-05-11 Telephoning Investor
Company al of the Company applicable
The Individu Consulting stock price of the Not
2021-05-18 Telephoning Investor
Company al Company applicable
The Individu Consulting future development Not
2021-05-26 Telephoning Investor
Company al plan of the Company applicable
Consulting the liability insurance
The Individu Not
2021-05-28 Telephoning Investor purchase by the Company for
Company al applicable
directors, supervisors and senior
34
深圳市特力(集团)股份有限公司 2021 年年度报告全文
executives
The Individu Consulting operation of the Not
2021-06-17 Telephoning Investor
Company al Company applicable
The Individu Consulting the earnings forecast Not
2021-06-28 Telephoning Investor
Company al for semi-annual applicable
The Individu Consulting operation of the Not
2021-07-02 Telephoning Investor
Company al Company for first half of the year applicable
The Individu Consulting the earnings forecast Not
2021-07-08 Telephoning Investor
Company al for semi-annual applicable
The Individu Consulting the earnings forecast Not
2021-07-09 Telephoning Investor
Company al for semi-annual applicable
The Individu Consulting business of the Not
2021-07-26 Telephoning Investor
Company al Company and stock price applicable
The Individu Consulting business of the Not
2021-08-03 Telephoning Investor
Company al Company applicable
The Individu Consulting business of the Not
2021-08-26 Telephoning Investor
Company al Company applicable
Consulting the liability insurance
The Individu purchase by the Company for Not
2021-08-31 Telephoning Investor
Company al directors, supervisors and senior applicable
executives
The Individu Consulting business of the Not
2021-09-01 Telephoning Investor
Company al Company applicable
Consulting whether the Company
The Individu Not
2021-09-16 Telephoning Investor is interested in mergers &
Company al applicable
acquisitions
The Individu Consulting the performance Not
2021-09-24 Telephoning Investor
Company al results of Q3 applicable
The Individu Consulting share reduction of the Not
2021-10-13 Telephoning Investor
Company al shareholders applicable
The Individu Consulting operation of the Not
2021-10-27 Telephoning Investor
Company al Company applicable
The Individu Consulting business of the Not
2021-11-10 Telephoning Investor
Company al Company applicable
The Individu Consulting future planning of the Not
2021-11-23 Telephoning Investor
Company al Company applicable
The Individu Consulting numbers of the Not
2021-12-08 Telephoning Investor
Company al shareholders applicable
2021-12-23 The Telephoning Individu Investor Consulting operation of the Not
35
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Company al Company applicable
The Individu Consulting the performance Not
2021-12-29 Telephoning Investor
Company al results of Q4 applicable
36
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Section IV. Corporate Governance
I. Corporate governance of the Company
During the reporting period, the Company strictly follow the relevant provisions of the Company Law, Securities
Law, Rules Governing the Listing of Stock on Shenzhen Stock Exchange, Guidelines for Standardized Operation
of Listed Companies of Shenzhen Stock Exchange and other relevant laws and regulations, continuously improve
the corporate governance structure of the Company and perfected the internal control system. During the reporting
period, the Company operates standardized with strong independence and normal regulation in information
disclosure, actual governance of the Company meets the requirements of the normative documents on the
governance of listed companies. Main aspects of the corporate governance are as follows:
1. Shareholders and Shareholders General Meeting
Convening and holding procedures of the shareholders general meeting, deliberation procedures and
decision-making process are in compliance with the relevant regulations and requirements of Company Laws,
Article of Association and Rules of Procedures of Shareholders General Meeting. To convene and hold the
shareholders general meeting can treat all shareholders fairly, in particular, to ensure that small and medium-sized
shareholders have equal rights according to the shares they hold. The Company seriously performing the
Management of Internet Voting at Shareholders General Meeting to ensure that all shareholders have the rights to
participate and vote in decision-making matters and fully exercise their rights. Lawyers were present at all
shareholders’ general meeting to effectively safeguard the legitimate rights and interest of the listed company and
all shareholders. The Company also communicate with small and medium-sized shareholders through interactive
easy, the investor relations section on the official website and telephoning, guarantee a smooth and fair
information exchange with the small and medium-sized shareholders and fully listen to the appeals and
suggestions from small and medium-sized shareholders.
BOD convened and held the AGM of 2020 and one extraordinary shareholders’ general meeting during the
reporting period. And exercise their authority to forming the effective resolutions, in accordance with the laws and
regulations, Article of Associations and Rules of Procedure of the Shareholders’ General Meeting .
2. Directors and Board of Directors (BOD)
During the reporting period, there were 9 members in the BOD, including 3 independent directors. Number of the
BOD and structure of the personnel comply with the requirements of relevant laws and regulations and Article of
Association. Under the Board of Directors, there are 3 specialized committees including strategy committee,
auditing committee and remuneration and appraisal committee. Each specialized committee strictly complies with
the provision of relevant mechanisms and perform their responsibilities, which effectively strengthened the
standardized operation of the work of BOD and provided a professional advice and reference for the
37
深圳市特力(集团)股份有限公司 2021 年年度报告全文
decision-making from the Board.
During the reporting period, under the laws and regulations, the Article of Association, Rules of Procedure of the
BOD and rules of procedures for specialized committees, 10 meetings of the Board and 4 meetings of the
specialized committees were held. Convening and holding procedures of the meetings, deliberation procedures
and decision-making process are in compliance with relevant provisions; directors are able to attend the Meeting
of the Board in a serious and responsible manner, actively participate in relevant training, familiarize relevant laws
and regulations and understand their rights, obligations and responsibilities as directors; members of the Board
have a reasonable professional knowledge structure, and are able to perform duties diligently to safeguard the
overall interest of the Company; the independent directors expressed their prior approval and independent
opinions on relevant matters in a fair and diligent manner to enhance the scientific and impartial decision-making
of the Board.
3.Supervisors and Board of Supervisors (BOS)
During the reporting period, BOS of the Company consisted of 5 supervisors, including 2 employee representative,
the number of the BOS and structure of the personnel comply with the requirements of relevant laws and
regulations and Article of Association. Under the laws and regulations, the Article of Association, Rules of
Procedure of the BOS, 5 meetings of the BOS were held during the reporting period. BOS supervise the operation
conditions, financial status as well we the legal compliance of the directors and senior executives in performing
their duties, and safeguard the legitimate rights and interest of the Company and its shareholders.
4.Information disclosure and investor relations management
Strictly according to the requirement of Management Mechanism of the Information Disclosure, the Company
designate secretary of the board to be responsible for the information disclosure and receiving visits and inquiries
from the shareholders. And disclose relevant information truthfully, accurately, completely and timely in serious
compliance with relevant regulations to ensure that all shareholders have the equal access to information.
5. Relationship between the controlling shareholder and listed company
The controlling shareholders exercise right of capital contributors through shareholders’ general meeting
according to the laws, they are not interfere in any other way, directly or indirectly, with the decision-making and
operation activities of the Company, and no appropriation of funds from listed companies occurred; the Company
and controlling shareholders have “5 separations” in terms of assets, finance, personnel, organization and business;
BOD, BOS and internal management bodies are able to operate independently and ensuring that major decisions
are made in accordance with standardized procedures. There are no routine related transactions occurred between
the Company and controlling shareholders, which is detrimental to the interest of the Company and other
shareholders.
6. Performance evaluation and incentive restraint mechanism
38
深圳市特力(集团)股份有限公司 2021 年年度报告全文
The open and transparent performance evaluation criteria and incentive restraint mechanism for directors,
supervisors and senior executives are gradually establish and improves by the Company. The appointment of
senior executives is open and transparent, and in compliance with laws and regulations.
7. Stakeholders
While pursuing the economic benefits and safeguarding the interest of the shareholders, the Company is able to
fully respecting and safeguarding the legitimate rights and interest of the stakeholders, and communicate &
cooperate with them effectively. The Company lay emphasis on the protection of employee rights, and give strong
backing to exercise authority according to the law by the employees congress and labor union. During the
reporting period, the Company cultivated talents and think highly of the social responsibility, pay close attention
to the social and public welfare undertakings as well-being, environmental protection and volunteer services,
while achieving economic benefits, the Company also earns a good social benefits.
As of the end of the reporting period, actual corporate governance of the Company complies with the
requirements of normative documents with corporate governance of listed companies concerned issued by CSRC.
Whether there are significant differences between the actual state of corporate governance and laws, administrative regulations and
the provision with governance concerned for listed companies issued by CSRC
□Yes √ No
There are no significant differences between the actual state of corporate governance and laws, administrative regulations and the
provision with governance concerned for listed companies issued by CSRC
II. Independence of the Company relative to controlling shareholder and the actual controller
in ensuring the Company’s assets, personnel, finance, institution and businesses
The Company has been independent from the controlling shareholders in terms of business, personnel, asset,
institution and finance. The Company has independent and complete business and is able to operate
independently.
1. Business: the Company belongs to independent legal person entity. Being completely independent from
controlling shareholders, it has independent and complete business system and is able to operate independently.
The Company owns an independent operation and service system and its major business. There is no
inter-competition between the Company and its controlling shareholders and related parties.
2. Personnel: the Company establishes complete labor, human resources and salary management systems. Senior
executive as GM, Deputy GM, CFO and Secretary of the Board etc. are receives remuneration from the Company
during their office term, and no one takes position in the enterprises owned by shareholders.
3. Assets: The Company independently and completely owns the business system and underlying assets related to
39
深圳市特力(集团)股份有限公司 2021 年年度报告全文
the operation, and independently registers, establishes accounts, adjusts accounts and manages the assets, and the
assets are independent of the controlling shareholders and other enterprises controlled by them.
4. Finance: the Company has independent financial accounting department which set independent accounting
calculation system and finance management system. No controlling shareholder intervenes in the capital
application of the Company. The Company opens separate bank accounts. No capital is saved in the financial
Company or settlement center account controlled by substantial shareholder or other related parties; the Company
does not share bank account with controlling shareholders and other enterprise under their control. And The
Company pays taxes by law independently.
5. Institution: the board, the supervisory committee and other internal institutions of the Company operate
independently. All the institutions of the Company are set according to the standards requirements applicable to
listed Company and actual business natures of the Company. It has independent office location.
III. Horizontal competition
□Applicable √Not applicable
IV. In the report period, the Company held annual shareholders’ general meeting and
extraordinary shareholders’ general meeting
1. Annual Shareholders’ General Meeting in the report period
Ratio of
Session of investor Date of
Type Meeting Date Resolutions
meeting participat disclosure
ion
Found more in Resolution of the Annual
General Meeting of 2020 (Notice No.:
Annual General
AGM 63.60% 2021-05-13 2021-05-14 2021-022) released on Securities Times,
Meeting of 2020
Hong Kong Commercial Daily and
Juchao Website (www.cninfo.com.cn)
Found more in Resolution of the First
First Extraordinary General Meeting of 2021
Extraordinary
Extraordinary (Notice No.: 2021-035) released on
General 62.18% 2021-09-13 2021-09-14
General Meeting Securities Times, Hong Kong
Meeting
of 2021 Commercial Daily and Juchao Website
(www.cninfo.com.cn)
2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore
□Applicable √Not applicable
40
深圳市特力(集团)股份有限公司 2021 年年度报告全文
V. Directors, supervisors and senior executives
1. Basic information
Number
Shares Number of
Other Shares
held at of shares shares
Worki Start dated chang held at
End date of period increase decreas
Name Title ng Sex Age of office es period-
office term -begin d in this ed in
status term (share end
(share period this
) (share)
) (share) period
(share)
Fu Curre
Chair
Chunl ntly in M 49 2018-09-07 2024-09-12 0 0 0 0 0
man
ong office
Curre
Hong Direct
ntly in M 48 2021-09-13 2024-09-12 0 0 0 0 0
Wenya or
office
Yang Curre
Direct
Hongy ntly in M 44 2021-09-13 2024-09-12 0 0 0 0
or
u office
Direct Curre
Wu
or, ntly in M 51 2021-09-13 2024-09-12 0 0 0 0 0
Ruikai
GM office
Curre
Lou Direct
ntly in F 54 2018-02-09 2024-09-12 0 0 0 0 0
Hong or
office
Curre
Lou
CFO ntly in F 54 2018-01-04 2024-09-28 0 0 0 0 0
Hong
office
Gu Curre
Direct
Zhimi ntly in M 51 2018-09-07 2024-09-12 0 0 0 0 0
or
ng office
Indepe
Hu Curre
ndent
Yumin ntly in M 57 2018-01-04 2024-09-12 0 0 0 0 0
directo
g office
r
Indepe
Jiang Curre
ndent
Dingh ntly in M 59 2018-09-07 2024-09-12 0 0 0 0 0
directo
ang office
r
41
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Indepe
Curre
Zhang ndent
ntly in M 48 2018-09-07 2024-09-12 0 0 0 0 0
Dong directo
office
r
Chair
man of
Guo the Curre
Xiaod Superv ntly in M 58 2018-09-07 2024-09-12 0 0 0 0 0
ong isory office
Comm
ittee
Zhang Curre
Superv
Baoju ntly in M 52 2021-09-13 2024-09-12 0 0 0 0 0
isor
n office
Zeng Curre
Superv
Xingy ntly in M 41 2021-09-13 2024-09-12 0 0 0 0 0
isor
u office
Emplo
Liu Curre
yee
Haiche ntly in F 53 2018-09-07 2024-09-12 0 0 0 0 0
superv
ng office
isor
Emplo
Curre
Zhang yee
ntly in M 38 2018-09-07 2024-09-12 0 0 0 0 0
Zheng superv
office
isor
Deput
y
Secret
Curre
Tan ary of
ntly in M 54 2018-09-07 2024-09-28 0 0 0 0 0
Zhong the
office
Party
Comm
ittee
Curre
Xie Deput
ntly in M 57 2018-10-25 2024-09-28 0 0 0 0 0
Jing y GM
office
Curre
Qi Deput
ntly in M 49 2021-09-29 2024-09-28 0 0 0 0 0
Peng y GM
office
Qi Secret Curre
M 49 2015-12-28 2024-09-28 0 0 0 0 0
Peng ary of ntly in
42
深圳市特力(集团)股份有限公司 2021 年年度报告全文
the office
Board
Direct
Lv Leave
or, M 61 2018-09-07 2021-09-13 0 0 0 0 0
Hang office
GM
Feng Deput Leave
M 55 2006-06-17 2021-09-29 0 0 0 0 0
Yu y GM office
Direct Leave
Yu Lei F 54 2012-06-06 2021-09-13 0 0 0 0 0
or office
Zhang
Direct Leave
Quanx M 49 2015-05-20 2021-09-13 0 0 0 0 0
or office
un
Chen
Superv Leave 2017-05-04
Yangs M 59 2021-09-13 0 0 0 0 0
isor office
heng
Yang
Superv Leave
Jianpi F 50 2018-09-07 2021-09-13 0 0 0 0 0
isor office
ng
Total -- -- -- -- -- -- 0 0 0 0 0
During the reporting period, whether there was any departure of directors and supervisors and dismissal of Senior Officers
√ Yes □ No
During the reporting period, directors, supervisors and senior executives of the Company have left the Company due to expiration of
their office term.
Changes of directors, supervisors and senior executives
√Applicable □ Not applicable
Name Title Type Date Reason
Wu Ruikai Director Be elected 2021-09-13 Change the term of office
Wu Ruikai GM Appointments 2021-09-13 Change the term of office
Hong Wenya Director Be elected 2021-09-13 Change the term of office
Yang Hongyu Director Be elected 2021-09-13 Change the term of office
Zhang Baojun Supervisor Be elected 2021-09-13 Change the term of office
Zeng Xingyu Supervisor Be elected 2021-09-13 Change the term of office
Qi Peng Deputy GM Appointments 2021-09-29 Change the term of office
Director and Leaving at the end of Change the term of office
Lv Hang 2021-09-13
GM the term of office Leave office
Leaving at the end of Change the term of office
Feng Yu Deputy GM 2021-09-29
the term of office Leave office
43
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Leaving at the end of Change the term of office
Yu Lei Director 2021-09-13
the term of office Leave office
Zhang Leaving at the end of Change the term of office
Director 2021-09-13
Quanxun the term of office Leave office
Chen Leaving at the end of Change the term of office
Supervisor 2021-09-13
Yangsheng the term of office Leave office
Leaving at the end of Change the term of office
Yang Jianping Supervisor 2021-09-13
the term of office Leave office
2. Post-holding
Professional background, major working experience and present main responsibilities in Company of directors, supervisors and
senior executive
Name Main work experience and holding the post
Born in 1973, Master degree, senior human resources manager. He ever took the Deputy Team Leader in Work Team
of Shenzhen SDG Huatong Packaging Co., Ltd., Business Deputy General Manager /GM and deputy
Fu Chunlong director/director of HR Department of Shenzhen SDG Co., Ltd., and vice President of Shenzhen Special
Development Group Co., Ltd., Supervisor of Shenzhen State-owned Duty-Free Commodities (Group) Co., Ltd, and
the Company. He is currently the secretary of the Party Committee and Chairman of the Board of the Company.
Born in 1974, Master degree, senior accountant. He previously served as the audit manger of Shenzhen Laiyingda
Group, director of finance dept. of Shenzhen Carnival Industrial Co., Ltd, the finance manager of business dept and
audit manager of supervision and audit headquarters of Guoxin Securities Co., ltd, Finance manager of Shenzhen
Huazhenglian Co., Ltd, deputy manager of audit department of Shenzhen Yunfa Group, CFO of Shenzhen Building
Hong Wenya Science Research, deputy director of finance department of Shenzhen Capital Holdings Co., Ltd, the budget
management and financial supervision of municipal state-owned enterprise-statistic and budget division of SASAC,
and the deputy head of finance depart and head of compliance and risk control depart of Shenzhen Kung Peng Equity
Investment Management Co., Ltd. He is currently a member of the Party Committee and CFO of Shenzhen Special
Development Group Co., Ltd and Director of the Company.
Born in 1978, Master degree, intermediate economist. Worked as an assistant economist in Guangdong Provincial
Postal Storage and Exchange Bureau, staff and deputy director of investment department of Shenzhen Capital
Holdings Co., Ltd, the vice president of corporate department and director of the office of the Board Secretary of
Shenzhen Special Development Group Co., Ltd.(and a part-time secretary of the board of Shenzhen Special
Yang Hongyu
Development Group Co., Ltd., Chairman of Shenzhen SDG Investment Co., Ltd, Chairman of risk control committee
of SDG Fuhai Equity Investment Fund Management (Shenzhen) Co., Ltd.), Director, GM and Deputy Secretary of
the Party Committee of Shenzhen SDG Information Co., Ltd,and secretary of the Board of Shenzhen Special
Development Group Co., Ltd. Currently he is the Director of the Company.
Born in 1971, Master degree, intermediate economist and senior human resource manager. He has worked as deputy
director of administrative office, director of board secretariat, and manager of Party and personnel department of
Wu Ruikai
Shenzhen Tellus Holding Co., Ltd., the vice president and director of corporate department II of Shenzhen Special
Development Group Co., Ltd. Currently he is the Director and GM of the Company.
Born in 1968, a Bachelor degree and senior account. Used to worked as staff of the financial dept. in Suzhou Silk
Lou Hong
Industry Company and in Shenzhen Southeast Silk Co., Ltd.; staff of the accounting & financial dept. of Shenzhen
44
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Special Economic Zone Development (Group) Company and worked in accounting management office; also worked
as deputy GM of Shenzhen SDG Liancheng Real Estate Development Co., Ltd.; manager of the financial dept. of
Shenzhen SDG Investment Co., Ltd.; the business manager and deputy director in accounting & financial dept. of
Shenzhen SDG Group Co., Ltd.; CFO of the Shenzhen SDG Real Estate Co., Ltd. and Director and CFO of the
Shenzhen SDG Xiaomeisha Investment Development Co., Ltd. Currently works as the Director and CFO of the
Company.
Born in 1971, senior gold investment analyst, once served as an employee of the business department of Guilin
Wanya Jewellery Co., Ltd., business director of Shenzhen Chenzhixin Jewellery Co., Ltd., business director of the
domestic division of Lukfook Group (International) Co., Ltd., general manager of Shenzhen Jinglon Jewellery Co.,
Gu Zhiming
Ltd., and Chief Operating Officer of Shenzhen Xingguangda Jewellery Co., Ltd., and currently serves as the deputy
general manager of Shenzhen Yuepeng Gold Jewellery & Gold Co., Ltd., Chairman and GM of Shenzhen Link Gold
Tec & Co., Ltd. and a Director of the Company.
Born in 1965, a doctoral candidate and accounting professor. He successively served as a teaching assistant, lecturer
and vice professor of Xiamen University, associate professor of the school of management, vice director and director
Hu Yuming of accounting department of Jinan University, the deputy dean of the school of international institute and school of
management of the Jinan University. Now he serves as the professor and doctoral supervisor of school of
management of the Jinan University and Independent Director of the Company
Born in 1963, a master degree and a lawyer. He successively served as the minister of legal consultation department
of Shenzhen Social Security Bureau, deputy director of Shenzhen Labor Bureau Office, director of general office of
Jiang Dinghang Shenzhen SDG, GM of the Shenzhen SDG Songli Company, GM of the Shenzhen Communications Industry Co.,
Ltd and apprentice lawyer of Guangdong Zhong An Laws Firm. Now he serves as senior partner of Shanghai
ALLBRIGHT (Shenzhen) Law Office and Independent Director of the Company.
Born in 1974, a doctoral candidate, postdoctoral economics, senior Economist, senior gold investment analyst and
GIA Research Gemologist. He successively served as Deputy GM of Shenzhen Qiang Zhuang Computer Tech. Co.,
Ltd, Deputy GM of Shenzhen Brain Age Economic and Cultural Co., Ltd, the assistant president of Hong Kong
Zhang Dong
Leader Culture Media Co., Ltd, GM of Shenzhen Zhong Shi Advertising Co., Ltd, GM of Heilongjiang Luk Kwai
Fook Jewelry Limited and President of Luk Kwai Fook Jewelry Group. No he serves as GM of Yijixuan Jewelry
(Chengdu) Co., Ltd, and Independent Director of the Company.
Born in 1964, a bachelor degree and senior economist. He successively served as assistant engineer of Shuangliao
Agricultural Machinery Bureau in Jilin Province, engineer of Fourth Research Laboratory of Jilin Institute of
Agricultural Machinery, manager of Gaodao industrial (Shenzhen) Co., Ltd., minister of the engineering dept.,
deputy GM and GM of Shenzhen SDG Development Center Property Management Company, deputy GM of
Guo Xiaodong Shenzhen SDG Development Center Construction Supervision Company, Director and GM of Shenzhen SDG
Development Center Property Management Company, deputy GM of Shenzhen SDG Property Co., Ltd., Chairman
of the Supervisory Committee of Shenzhen SD Real Estate Co., Ltd and Chairman of the Supervisory Committee of
Shenzhen SDG Xiaomeisha Tourism Development Co., Ltd. Now he serves as Chairman of Supervisory Committee
of the Company
Born in 1970, Master degree, intermediate economist. Previously, he was the funds dispatcher, finance and
accounting division of China First Automobile Group Corporation, manager of capital and finance department of
Shenzhen Tianda Industrial Co., Ltd, and worked in the Hongli Office of Shenzhen Luohu Branch, China Guangda
Zhang Baojun
Bank and audit & supervision department of Shenzhen Special Economic Zone Development Group Corporation, the
finance manager of Shenzhen SDG Real Estate Development Co., Ltd and Shenzhen SDG Property Management
Co., Ltd, the business manager, deputy director and director of audit & supervision department of Shenzhen SDG
45
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Co., Ltd. Now he is the GM of audit and risk control department of Shenzhen Special Development Group Co., Ltd
and Supervisor of the Company.
Born in 1981, Master degree, senior economist. Previously, he was the field finance of Wenzhou C&U Group, an
accounting of Han’s Laser Technology Co., Ltd, accounting supervisor, assistant business manager, business
manager, assistant GM of finance department and vice president of finance department of Shenzhen Airport
Zeng Xingyu
(Group)Co., ltd and the CFO of Shenzhen Qianhai Yejian Technology Development Co., ltd. Now he is the vice
president of accounting and finance department of Shenzhen Special Development Group Co., Ltd and Supervisor of
the Company
Born in 1969, Master degree, senior economist. Previously, she worked as design staff of Dongfeng Automobile
Wheel Co., Ltd, technical staff of Shenzhen Dongfeng Motor Co., Ltd, the secretariat staff of Shenzhen Automobile
Liu Haicheng Industry Association, the employee of the management depart of the automotive division of the Company,
employees, deputy general managers and manager of the business department of the Company. Currently, she is the
director of Company’s secretariat of the Board and employee representative supervisor.
Born in 1984, a Bachelor degree, an intermediate accountant and senior human resource manager. He successively
served as senior auditor of Shenzhen Branch of Shenzhen Zhongqin Wanxin Accountant Affairs, the financing
Zhang Zheng commissioner of planning & finance dept. of SDG, deputy manager of the planning & finance dept. of the Company.
Now he serves as deputy manager of the audit supervision department and employee representative supervisor of the
Company
Born in 1968, has a bachelor’s degree and is qualified as a lawyer and a corporate legal consultant, formerly served
as legal counsel and deputy manager of the Enterprise Management Department of Shenzhen Automobile Industry
and Trade Corporation, deputy director of the board secretary, legal affairs representative, and manager of the
Tan Zhong
enterprise management department of the Company, general manager and general Party branch secretary of
Shenzhen SDG Huari Auto Enterprise Co., Ltd., and currently serves as the full-time deputy secretary of the Party
Committee of the Company.
Born in 1965, a citizenship of Canadian, bachelor’s degree, and a senior engineer, national registered supervision
engineer. He successively served as structural engineer of Hunan Light Industry Design Institute, engineer of the
Xie Jing Hunan Branch of Bank of China, assistant GM of the real estate dept. and GM of Engineering department of SDG,
deputy GM of Shenzhen Jincheng Real Estate Group Co., Ltd., the executive president of Shenzhen Jiaanda Group
and GM etc. of the land reserve center of Weiye Holding. Currently he serves as Deputy GM of the Company.
Born in 1973, master's degree, economist, he has obtained the qualification certificate of secretary of the board from
Shenzhen Stock Exchange. He successively served as secretary to the president and director in information center of
Shenzhen Special Economic Zone Development (Group) Co., Ltd.; deputy director in secretariat of the board, and
deputy manager in enterprise development department, and manager in automobile business department and
Qi Peng
management department of Shenzhen Tellus(Group) Co., Ltd.; general manager of Shenzhen Tellus Automobile
Service Chain Co., Ltd.; general manager of Shenzhen Tellus New Yongtong Automobile Development Co., Ltd.;
director secretariat of the board of Shenzhen Tellus(Group) Co., Ltd.; and now the is the Deputy GM and secretary
of the Board of the Company
Post-holding in shareholder’s unit
√Applicable □Not applicable
Received
Position in Start dated of End date of
Name Name of shareholder’s unit remuneration
shareholder’s unit n office term office term
from
46
深圳市特力(集团)股份有限公司 2021 年年度报告全文
shareholder’s unit
(Y/N)
Shenzhen Special Member of Party
Hong Wenya Development Group Co., Committee, Director, 2021-06-01 N
Ltd. CFO
Shenzhen Special
December
Yang Hongyu Development Group Co., Secretary of the Board 2021-07-01 Y
2021
Ltd.
Shenzhen Special GM of Corporate
Wu Ruikai Development Group Co., Management and 2017-03-01 August 2021 Y
Ltd. Legal Department
Shenzhen Special
GM of Audit and Risk
Zhang Baojun Development Group Co., 2017-03-01 Y
Control Department
Ltd.
Shenzhen Special Deputy GM of
Zeng Xingyu Development Group Co., Accounting and 2021-01-01 Y
Ltd. Finance Department
Post-holding in other unit
√Applicable □Not applicable
Received
Position in other Start dated of End date of remuneration
Name Name of other units
unit n office term office term from other unit
(Y/N)
Shenzhen Yue Peng Jin Jewelry
Gu Zhiming Deputy GM 2011-05-01 Y
Co., Ltd
Shenzhen Link Gold Tec & Co.,
Gu Zhiming Chairman, GM 2019-09-24 Y
Ltd.
Professor and
Doctoral
Hu Yuming Jinan University supervisor, 2003-06-01 Y
school of
management
Jiang Shanghai ALLBRIGHT (Shenzhen)
Senior partner 2005-04-01 Y
Dinghang Law Office
Yijixuan Jewelry (Chengdu) Co.,
Zhang Dong GM 2021-09-03 Y
Ltd
Post-holding
N/A
in other unit
Punishment of securities regulatory authority in recent three years to the Company’s current and outgoing directors, supervisors and
47
深圳市特力(集团)股份有限公司 2021 年年度报告全文
senior management during the reporting period
□Applicable √Not applicable
3. Remuneration for directors, supervisors and senior executives
Decision-making procedures, recognition basis and payment for directors, supervisors and senior executives
Decision-making procedures, recognition basis and payment for directors, supervisors and senior executives
executes in strict accordance with the "Salary Management System for Headquarters of Shenzhen Tellus(Group)
Co., Ltd. ", "Staff Performance Management System for Headquarters of Shenzhen Tellus (Group) Co., Ltd.",
"Implementing Rules of Remuneration and Appraisal Committee of the Board of Shenzhen Tellus(Group) Co.,
Ltd.", "Annual Performance Management Approaches for Leading Group Members of Shenzhen Tellus(Group)
Co., Ltd." and other relevant system regulations.
Remuneration for directors, supervisors and senior executives in reporting period
In 10 thousand Yuan
Total Whether
remuneration remuneration
Post-holding
Name Title Sex Age obtained from obtained from
status
the Company related party of
(before taxes) the Company
Currently in
Fu Chunlong Chairman M 49 115.71 N
office
Currently in
Hong Wenya Director M 48 0 N
office
Currently in
Yang Hongyu Director M 44 0 Y
office
Currently in
Wu Ruikai Director, GM M 51 19.67 N
office
Currently in
Lou Hong Director, CFO F 54 82.41 N
office
Currently in
Gu Zhiming Director M 51 0 N
office
Independent Currently in
Hu Yuming M 57 8 N
director office
Independent Currently in
Jiang Dinghang M 59 8 N
director office
Independent Currently in
Zhang Dong M 48 8 N
director office
48
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Chairman of the
Currently in
Guo Xiaodong Supervisory M 58 76.62 N
office
Committee
Currently in
Zhang Baojun Supervisor M 52 0 Y
office
Currently in
Zeng Xingyu Supervisor M 41 0 Y
office
Employee Currently in
Liu Haicheng F 53 49.34 N
supervisor office
Employee Currently in
Zhang Zheng M 38 42.89 N
supervisor office
Deputy Secretary
Currently in
Tan Zhong of the Party M 54 87.14 N
office
Committee
Currently in
Xie Jing Deputy GM M 57 146.19 N
office
Deputy GM,
Currently in
Qi Peng Secretary of the M 49 79.73 N
office
Board
Lv Hang Director, GM M 61 Leave office 101.57 N
Feng Yu Deputy GM M 55 Leave office 78.3 N
Yu Lei Director F 54 Leave office 0 Y
Zhang
Director M 49 Leave office 0 N
Quanxun
Chen
Supervisor M 59 Leave office 0 N
Yangsheng
Yang Jianping Supervisor F 50 Leave office 0 Y
Total -- -- -- -- 903.57 --
VI. Responsibility performance of directors during the reporting period
1. The board of directors during the reporting period
Session of meeting Date of meeting Disclosure date Meeting resolutions
Found more in the Resolution of The
19th Extraordinary Meeting of the 9th
The 19th Extraordinary Meeting of
2021-01-14 2021-01-15 Board of Directors (Notice No.:
the 9th Board of Directors
2021-001) released on Securities Times,
Hong Kong Commercial Daily and
49
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Juchao Website (www.cninfo.com.cn)
Found more in the Resolution of The
20th Extraordinary Meeting of the 9th
The 20 Extraordinary Meeting of
th
Board of Directors (Notice No.:
2021-02-04 2021-02-05
the 9 Board of Directors
th
2021-005) released on Securities Times,
Hong Kong Commercial Daily and
Juchao Website (www.cninfo.com.cn)
Found more in the Resolution of The
21st Extraordinary Meeting of the 9th
The 21st Extraordinary Meeting of Board of Directors (Notice No.:
2021-04-13 2021-04-14
the 9 Board of Directors
th
2021-010) released on Securities Times,
Hong Kong Commercial Daily and
Juchao Website (www.cninfo.com.cn)
Found more in the Resolution of The
10th Session of 9th Board of Directors
The 10th Session of 9th Board of (Notice No.: 2021-012) released on
2021-04-15 2021-04-16
Directors Securities Times, Hong Kong
Commercial Daily and Juchao Website
(www.cninfo.com.cn)
Found more in the Notice (Notice No.:
2021-021) released on April 29 in
The 11th Session of 9th Board of
2021-04-28 2021-04-29 Securities Times, Hong Kong
Directors
Commercial Daily and Juchao Website
(www.cninfo.com.cn)
Found more in the Notice (Notice No.:
2021-029) released on August 20 in
The 12th Session of 9th Board of
2021-08-19 2021-08-20 Securities Times, Hong Kong
Directors
Commercial Daily and Juchao Website
(www.cninfo.com.cn)
Found more in the Resolution of The
22nd Session of 9th Board of Directors
The 22nd Session of 9th Board of (Notice No.: 2021-030) released on
2021-08-27 2021-08-28
Directors Securities Times, Hong Kong
Commercial Daily and Juchao Website
(www.cninfo.com.cn)
Found more in the Resolution of The
First Extraordinary Meeting of the 10th
The First Extraordinary Meeting of Board of Directors (Notice No.:
2021-09-13 2021-09-14
the 10th Board of Directors 2021-037) released on Securities Times,
Hong Kong Commercial Daily and
Juchao Website (www.cninfo.com.cn)
50
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Found more in the Resolution of The
Second Extraordinary Meeting of the
The Second Extraordinary Meeting 10th Board of Directors (Notice No.:
2021-09-29 2021-09-30
of the 10th Board of Directors 2021-040) released on Securities Times,
Hong Kong Commercial Daily and
Juchao Website (www.cninfo.com.cn)
Found more in the Notice (Notice No.:
2021-046) released on October 23 in
The First Session of 10th Board of
2021-10-22 2021-10-23 Securities Times, Hong Kong
Directors
Commercial Daily and Juchao Website
(www.cninfo.com.cn)
2. The attending of directors to Board meetings and shareholders general meeting
The attending of directors to Board Meeting and Shareholders General Meeting
Times of Board Times of
Absent the Times of
meeting attending the Times of
Times of Times of Meeting for the attend the
Director supposed to Board Meeting entrusted
Presence Absence second time in a general
attend in the by presence
row (Y/N) meeting
report period communication
Fu
10 3 7 0 0 N 1
Chunlong
Hong
3 1 2 0 0 N 0
Wenya
Yang
3 1 2 0 0 N 0
Hongyu
Wu
3 1 2 0 0 N 0
Ruikai
Lou Hong 10 3 7 0 0 N 2
Gu
10 2 8 0 0 N 1
Zhiming
Hu
10 2 8 0 0 N 1
Yuming
Jiang
10 3 7 0 0 N 2
Dinghang
Zhang
10 2 8 0 0 N 0
Dong
Explanation of absent the Board Meeting for the second time in a row
There were no two instances of non-attendance at the Board Meeting in person during the reporting period
51
深圳市特力(集团)股份有限公司 2021 年年度报告全文
3. Objection for relevant events from directors
Directors come up with objection about Company’s relevant matters
□ Yes √ No
No directors come up with objection about Company’s relevant matters in the Period
4. Other explanation about responsibility performance of directors
The opinions from directors have been adopted
√ Yes □ No
Director's statement to the Company that a proposal has been or has not been adopted
During the reporting period, non-independent directors, independent directors of the Company carried out their
works in strict accordance with the Company Law, Securities Laws, Guidelines of Corporate Governance for
Listed Companies, Guidelines for the Standardized Operation of Listed Companies on Shenzhen Stock Exchange
and Article of Association and Rules of Procedures of the BOD. They perform duties faithfully and diligently,
actively attend relevant Meetings on time and carefully considering all proposals. With the specialized knowledge
and experience, independent directors provided professional advice on the strategic development, internal control
and major business decisions of the Company, and effectively supervise the financial of the Company, production
and operation activities and information disclosure, which plays a positive role in future development of the
Company and standardized operation and promoting the management levels.
VII. The special committees under the board during the reporting period
Specific
Important
Numbe Other circumstanc
comments
Committee r of perform es of the
Members Date of Meeting content and
name meetin ance of objection
meeting suggestions
gs held duties (if
made
applicable)
Review of the preliminary
2021-02-0
arrangements for the audit Approved - -
4
of the Annual Report 2020
Hu Yuming, Review of the financial
2021-04-0
Yu Lei, Lou status and results of the Approved - -
Audit 5
Hong, Jiang 3 operation for year of 2020
committee
Dinghang,
Review of the renewal of
Zhang Dong
the appointment of RSM
2021-08-2
Certified Public Approved - -
7
Accountants (Special
General Partnership) as the
52
深圳市特力(集团)股份有限公司 2021 年年度报告全文
financial auditor and
internal control auditor of
the Company for year of
2021
薪酬与考核 Jiang
Review and approved the
委员会 Dinghang, Fu
Business Performance and
Remunerati Chunlong, Yu 2021-08-1
1 Remuneration Plan for year Approved - -
on and Lei, Hu 9
of 2020 of the senior
appraisal Yuming,
executives
committee Zhang Dong
VIII. Works from Supervisory Committee
The Company has risks in reporting period that found in supervisory activity from supervisory committee
□ Yes √ No
Supervisory committee has no objection about supervision events in reporting period
IX. Particulars of workforce
1. Number of Employees, Professional composition, Education background
Employee in-post of the parent Company at period-end
122
(people)
Employee in-post of main Subsidiaries at period-end (people) 176
The total number of current employees at period-end (people) 298
The total number of current employees to receive pay (people) 298
Retired employee’ s expenses borne by the parent Company
15
and main Subsidiaries (people)
Professional categories
Types of professional category Numbers of professional category
Production staff 0
Sales staff 87
Technical staff 75
Financial staff 24
Administration staff 112
Total 298
Education background
Type of education background Numbers (people)
Master 28
53
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Bachelor degree 85
Junior college 65
Other 120
Total 298
2. Remuneration Policy
The Company strictly complies with the "Remuneration Management System of Headquarters Staff of Shenzhen
Tellus Holding Co., Ltd." and "Performance Management Measures for Headquarters Staff of Shenzhen Tellus
Holding Co., Ltd."
3. Training programs
The training works are focuses on the improvement of middle-level managers and management skills, the
improvement of the professional skills of reserve talents and core backbones. In the actual training work, we will
continuously enrich the training contents, expand the training form, optimize the training process, clarify the
training purpose, and improve the training effect. The specific measures are as follows: firstly, enrich the entry
learning database for new employees, and accelerate the integration of new employees into the company; secondly,
strengthen the professional training of grassroots employees, and improve the quality of employees; thirdly,
strengthen departmental training quota management, and improve the use efficiency of training funds; fourthly,
optimize the rewards rules of network college, and continuously improve the learning atmosphere; the fifth is to
refine the management ability requirements and carry out targeted training for middle-level managers to improve
management capabilities; the sixth is to focus on external training and conduct strategic management skills
training to enhance the horizons of senior personnel.
4. Labor outsourcing
√Applicable □Not applicable
Total hours of labor outsourcing (hours) 1,408
Total remuneration paid for labor outsourcing (Yuan) 69,347.51
X.Profit distribution and capitalizing of common reserves plan
Formulation, Implementation and Adjustment of Profit Distribution Policy Especially Cash Dividend policy during the Reporting
Period
√Applicable □Not applicable
The company attaches great importance to the reasonable returns for investors; the Articles of Association clearly
defines the standards and proportions of cash dividends, the decision-making procedures and mechanisms, and the
form of profit distribution. The company strictly complies with the Articles of Association and the resolutions of
54
深圳市特力(集团)股份有限公司 2021 年年度报告全文
the shareholders' general meeting, the dividends standards and proportions are clear, relevant decision-making
procedures and mechanisms are complete, the independent directors are responsible and give play to their duties,
the medium and small shareholders have the opportunities to express their opinions and demands, and the
legitimate rights and interests of medium and small shareholders are fully maintained.
Special description on cash dividend policy
Whether it meets the requirements of the Article of Association
Y
or the Resolution of the General Meeting (Y/N):
Whether the bonus standards and proportion is clear and
Y
well-defined (Y/N):
Whether has a completed relevant decision-making procedures
Y
and mechanism (Y/N):
Whether independent directors fulfill duties and play a due role
Y
(Y/N):
Minority shareholders whether has opportunity of full
expression and appeals, the legal interest of the minority are Y
being protected totally (Y/N):
As for the adjustment and change of cash bonus policy, the
condition and procedures whether meets regulations and Y
transparent (Y/N):
The Company is profitable during the reporting period and the parent company has positive profit available for distribution to
shareholders without cash dividend distribution plan proposed
□ Applicable √ Not applicable
Profit distribution plan and capitalizing of common reserves plan for the Period
√Applicable □ Not applicable
Bonus shares for every 10-share (Share) 0
Dividends for every 10-share (Yuan)(Tax
0.25
included)
Equity base of distribution plan (Share) 431,058,320
Cash bonus distribution (Yuan)(Tax included) 0.25
Cash bonus distribution in other ways (i.e. share
0.00
buy-backs) (Yuan)
Total cash bonus (including other ways) (Yuan) 10,776,458.00
Profits available for distribution (Yuan) 24,281,950.19
Ratio of total cash dividend (other ways
100%
included) in total profit distribution
Cash dividend
If the Company’s development stage is in the growth period and there is a major capital expenditure arrangement, the minimum
55
深圳市特力(集团)股份有限公司 2021 年年度报告全文
proportion of cash dividend in the profit distribution should be 20%
Explanation on profit distribution or capitalizing of capital reserves
With purpose of rewarding the shareholders and allows investors to participate and share the operation results of the Company’s
development, pursuit to the relevant mechanisms and regulation as Article of Association and Shareholders’ Return Plan for the
Next Three Years (2020-2022), and through comprehensive consideration of the operation and overall financial status of the
Company, the Company, plans to distributed 0.25 yuan cash bonus (including tax) for every 10 shares held by whole shareholders
of the Company based on total share capital 431,058,320 as of 31st December 2021, total 10,776,458.00 yuan are distributed in
cash, no bonus shares and no public reserve transfer into share capital.the profit distribution plan will be implemented after
deliberation and approved by the shareholders’ general meeting.
XI. Implementation of the Company’s stock incentive plan, employee stock ownership plan or
other employee incentives
□ Applicable √ Not applicable
During the reporting period, the Company has no stock incentive plan, employee stock ownership plan or other employee incentives
that have not been implemented.
XII. Establishment of the internal control mechanism and implementation during the
reporting period
1. Establishment and implementation of the internal control
During the reporting period, the company established a systematic and effective internal control system from the
governance level to the workflow level and continued to improve it. The board of directors was responsible for the
establishment, improvement and effective implementation of internal control; the audit committee assisted in the
formulation and review of the company’s internal control system, and audited and supervised major related
transactions; the audit risk control department was responsible for the specific organization and implementation of
the company's internal control; the person in charge of the enterprise or the departments undertook the internal
control work of the enterprise or the departments; the board of supervisors supervised the internal control
established and implemented by the board of directors. The company established the above organizational
structure of internal control in accordance with the Basic Norms for Enterprise Internal Control and its supporting
guidelines, defined the work objectives and responsibilities and authorities of each position in the company, and
established corresponding checks and balances and supervision mechanisms to ensure that each position should
perform duties within the scope of authority.
According to the identification of major deficiencies in the internal control of the company's financial report, on
the base date of the internal control evaluation report, there was no major deficiencies in the internal control of
financial report. The company maintained effective internal control over financial reporting in all major aspects in
accordance with the requirements of the enterprise internal control standard system and relevant regulations.
According to the identification of major deficiencies in the internal control of the company's non-financial report,
56
深圳市特力(集团)股份有限公司 2021 年年度报告全文
on the base date of the internal control evaluation report, the company found no major deficiencies in the internal
control of non-financial report.
2. Details of major defects in IC appraisal report that found in reporting period
□Yes √ No
XIII. Management and control of the subsidiaries during the reporting period
Problems
Countermeasur Solution Follow-up
Name Integration plan Progress encountered in
e taken progress resolution plan
integration
Not Not Not Not Not Not Not
applicable applicable applicable applicable applicable applicable applicable
XIV.Appraisal Report of Internal Control and Audit Report of Internal Control
1. Appraisal Report of Internal Control
Disclosure date of full internal control
2022-04-08
evaluation report
Disclosure index of full internal control
Juchao website(http://www.cninfo.com.cn)
evaluation report
The ratio of the total assets of units
included in the scope of evaluation
accounting for the total assets on the 100.00%
Company's consolidated financial
statements
The ratio of the operating income of
units included in the scope of evaluation
accounting for the operating income on 100.00%
the Company's consolidated financial
statements
Defects Evaluation Standards
Category Financial Reports Non-financial Reports
1. Significant defect: a-Fraud of 1. Significant defect: a-Great decisions
management leading to material violate the Company’s established
misstatements of financial results or false procedure, resulting in significant
Qualitative criteria financial reports, which mislead users of losses to the Company; b-Serious
financial statements and result in violation of laws and regulations
decision-making mistakes and litigation; results in significant losses to the
b-Ineffective control environment; Company; c-Important businesses are
57
深圳市特力(集团)股份有限公司 2021 年年度报告全文
c-Major internal control deficiencies found lack of system control or system
and reported to the management but control fails; d- Serious brain drain of
haven’t been corrected after a reasonable core management or core technical
time; d-The decision-making of the staff; e-Significant deficiencies in the
Company’s major matters has not fulfilled internal evaluation results have not
the corresponding decision-making been corrected.
process, resulting in significant losses of 2. Important defects: a-The Company
the Company; e-Important businesses violates the enterprise internal
involving the Company’s production and regulations and causes significant
management are lack of effective control; losses; b-Serious brain drain of
f-Other defects that seriously mislead the business personnel in the Company’s
correct judgments made by the users of the key positions; c- The Company’s
statements, resulting in the company’s significant business systems have
major compensation. 2. Important defects: deficiencies; d-The significant
a-The selection and application of deficiencies in the internal control of
accounting policies do not follow the the Company have not been corrected.
generally accepted accounting principles; 3. General deficiencies: deficiencies
b-Anti-fraud programs and control except for major and significant
measures have been not established; deficiencies.
c-Corresponding control mechanism for
accounts handling of unconventional or
special transactions has not been
established or implemented and has no
there is no appropriate compensatory
controls; d-The controls to the period-end
financial reporting process have one or
more defects and cannot reasonably ensure
that the financial statements prepared are
true and accurate. 3. General deficiencies:
the deficiencies except for major and
significant deficiencies.
1. Major deficiencies: misstatement 1. Major deficiencies: loss amount >
amount > 10% of total profit, and 1.5% of owner's equity attributable to
absolute amount > 2 million Yuan; parent Company, and absolute
2. Significant deficiencies: 5% of total amount > 5 million Yuan;
profit < misstatement amount ≤10% of 2. Significant deficiencies: 0.5% of
total profit, and absolute amount > 1 owner's equity attributable to parent
Quantitative standard
million Yuan; or 1 million Yuan < Company < loss amount ≤ 1.5% of
absolute amount ≤ 2 million Yuan, and owner's equity attributable to parent
misstatement amount > 5% of total profit. Company, or 1 million Yuan <
3. General deficiencies: misstatement absolute amount ≤ 5 million Yuan;
amount ≤ 5% of total profit, or absolute 3. General deficiencies: loss amount
amount ≤ 1 million Yuan ≤ 0.5% of owner's equity attributable
58
深圳市特力(集团)股份有限公司 2021 年年度报告全文
to parent Company, or absolute
amount ≤ 1 million Yuan
Amount of significant defects in
0
financial reports
Amount of significant defects in
0
non-financial reports
Amount of important defects in financial
0
reports
Amount of important defects in
0
non-financial reports
2. Auditing report of internal control
√Applicable □Not applicable
Deliberations in Internal Control Audit Report
We consider that: in all major aspects, Shenzhen Tellus Holding Co., Ltd. has efficiency in financial report of internal control
dated 31 December 2021 according to Basic Standards of Internal Control for Enterprise and relevant regulations.
Disclosure details of audit report of
Disclosure
internal control
Disclosure date of audit report of
2022-04-08
internal control (full-text)
Index of audit report of internal
Juchao website (http://www.cninfo.com.cn)
control (full-text)
Opinion type of auditing report of
Standard unqualified opinion
IC
whether the non-financial report
No
had major defects
Carried out modified opinion for internal control audit report from CPA
□Yes √ No
The internal control audit report, issued by CPA, has concerted opinion with self-evaluation report, issued from the Board
√ Yes □ No
XV. Self-examination and rectification of the special actions on governance
The Company conducts self-examination in accordance with the “Special Self-Examination List of the
Governance for Listed Companies”, and there is a condition where the BOD has not been re-elected in time for
the expiration of the session.
After the expiration of the BOD and BOS, the Company actively promotes the change of session. The 22nd
Extraordinary Meeting of the 9th Board of Directors and 16th Session of 9th Board of Supervisors were held on
59
深圳市特力(集团)股份有限公司 2021 年年度报告全文
August 27, 2021 and the First Extraordinary Shareholders General Meeting of 2021 held on September 13, 2021
to deliberated and approved the proposal of general election, the re-election of the BOD and BOS are completed.
Found more in the relevant notices released on Securities Times, Hong Kong Commercial Daily and Juchao
Website (http://www.cninfo.com.cn).
60
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Section V. Environmental and Social Responsibility
I. Major environmental
The listed Company and its subsidiary whether belongs to the key sewage units released from environmental protection department
□ Yes √No
Administrative punishment for environmental problems during the reporting period
The impact on the
The Company's
Name of company or Reason for production and
Violation Punishment result rectification
subsidiary punishment operation of listed
measures
companies
N/A N/A N/A N/A N/A N/A
Other environmental information disclosed refer to key polluters
There were no administrative penalties for environmental issues during the reporting period from the Company and its subsidiaries
Measures taken to reducing the carbon emissions during the reporting period and their effectiveness
□ Applicable √ Not applicable
Reasons for not disclosing other environmental information
The Company and its subsidiaries are not one of the key emissions units announced by the environmental protection authority, and no
penalties for violation of laws and regulations during the reporting period.
II. Social responsibility
The Company has always been committed to repaying shareholders, achieving employees’ value, and contributing
to the society. Based on the principle of fairness, the company actively safeguarded the legitimate rights and
interests of shareholders; advocated realizing self-worth while realizing corporate value, created an enterprise
atmosphere in which the company cares for employees, employees love the company, and develop harmoniously
together; actively repaid the society and the public, and fulfilled the responsibility of a state-owned enterprise,
participated in community construction activities, donated tents, grain and oil and other materials for epidemic
prevention to the community, dispatched 3 employees to help the epidemic prevention work of the community,
and quickly assembled a vanguard of party members in the early stage of the epidemic to assist the community in
carrying out temperature measurement, nucleic acid testing, vaccination and other work; improved the safety
production system, organized 37 safety production trainings, and invested more than 2 million yuan in the
transformation of safety equipment and facilities.
61
深圳市特力(集团)股份有限公司 2021 年年度报告全文
III Consolidated and expanded the achievements of poverty alleviation and rural revitalization
The Company actively responded to the implementation of the rural revitalization strategy, assigned special
personnel to carry out assistance work in Chengtian Town, Shantou City, and digested the agricultural and sideline
products in the assistance area by purchasing and donating, opened up the sales channels of agricultural products,
and vigorously promoted the local poverty alleviation and rural revitalization with practical actions.
62
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Section VI. Important Events
I. Implementation of commitment
1. Commitments that the actual controller, shareholders, related party, buyers and the Company have
fulfilled during the reporting period and have not yet fulfilled by the end of reporting period
√Applicable □Not applicable
Cont Co
Commit
ent of Comm mmi Imple
Commitments ment com itment tme menta
mitm date nt tion
party
ents term
Commitments for
share merger
reform
Commitments in
report of
acquisition or
equity change
Commitments in
assets
reorganization
The commitments to the fulfillment of information
disclosure about the Company business development are
as follows: except for the information has been disclosed
Commitments Shenzhe
publicly, the Company has not had the disclosed Octob Lon Imple
make in initial n Tellus
Other information about asset acquisition and business er 17, g-ter menti
public offering or Holding
development that has not been disclosed within one year. 2014 m ng
re-financing Co., Ltd.
In the future, the Company shall timely, accurately and
adequately disclose the relevant information according to
the progress of new business and the related requirements.
Equity incentive
commitment
In order to avoid the horizontal competition, the
Shenzhe
Horiz Company’s controlling shareholder, Shenzhen SDG has
Other n Special
ontal issued the “commitment letter about the avoidance of May Lon Imple
commitments for Develop
Com horizontal competition” on May 26, 2014. The full 26, g-ter menti
medium and small ment
petiti commitment letter is as follows: 1. The Company and 2014 m ng
shareholders Group
on other enterprises controlled by the Company except Tellus
Co., Ltd.
Group haven’t occupied in any business that could
63
深圳市特力(集团)股份有限公司 2021 年年度报告全文
substantially compete with the main businesses of Tellus
Group, and have no horizontal competition relationship
with Tellus Group.
From 2020 to 2022, the Company’s profits will first be
used to cover the losses of previous years; after making up
for losses of previous years, in the premise that the
Company’s profits and cash flow can meet the Company's
normal operations and long-term development, reward
shareholders, the Company will implement positive profit
distribution approaches to reward the shareholders, details
are as follows: 1. The Company’s profit distribution can
adopt cash, stock or the combination of cash and stock or
other methods permitted by law. The foreign currency
conversion rates of domestically listed foreign shares
dividend are calculated according to the standard price of
HK dollar against RMB announced by People's Bank of
China on the first working day after the resolution date of
the shareholders' meeting. The Company prefers to adopt
the cash dividends to distribute profits. In order to
maintain the adaptability between capital expansion and
performance growth, in the premise of ensuring the full
Dec
Divid cash dividend distributions and the rationality of equity
Shenzhe emb
end scale and equity structure, the Company can adopt the April Imple
n Tellus er
com stock dividend methods to distribute profits. 2. According 24, menti
Holding 31,
mitm to the "Company Law" and other relevant laws and the 2021 ng
Co., Ltd. 202
ent provisions of the Company’s "Articles of Association",
2
following conditions should be satisfied when the
Company implements cash dividends: (1) the Company's
annual distributable profits (i.e. the after-tax profits after
making up for losses and withdrawing accumulation
funds) are positive value, the implementation of cash
dividends will not affect the Company's subsequent
continuing operations; (2) the audit institution issues the
standard audit report with clean opinion to the Company's
annual financial report; (3) the Company has no significant
investment plans or significant cash outlay (except for
fund-raising projects). Major investment plans or
significant cash outlay refer to: the accumulated
expenditures the Company plans to used for investments
abroad, acquisition of assets, or purchase of equipment
within the next 12 months reach or exceed 30% of the net
assets audited in the latest period. 3. In the premise of
meeting the conditions of cash dividends and ensuring the
Company’s normal operation and long-term development,
64
深圳市特力(集团)股份有限公司 2021 年年度报告全文
the Company makes cash dividends once a year in
principle, the Company’s board of directors can propose
the Company to make interim cash dividends in
accordance with the Company's profitability and capital
demand conditions. The proportion of cash dividends in
profits available for distribution and in distribution of
profits should meet the following requirements: (1) in
principle, the Company’s profits distributed in cash every
year should not be less than 10% of profit available for
distribution realized in the same year, and the Company’s
profits accumulatively distributed in cash in the last three
years should not be less than 30% of the annual average
profit available for distribution realized in the last three
years. (2) if the Company’s development stage belongs to
mature stage and there is no significant capital expenditure
arrangement, when distributing profits, the minimum
proportion of cash dividends in this profit distribution
should be 80%; (3) if the Company’s development stage
belongs to mature stage and there are significant capital
expenditure arrangements, when distributing profits, the
minimum proportion of cash dividends in this profit
distribution should be 40%; (4) if the Company’s
development stage belongs to growth stage and there are
significant capital expenditure arrangements, when
distributing profits, the minimum proportion of cash
dividends in this profit distribution should be 20%; when
the Company's development stage is not easy to be
differed but there are significant capital expenditure
arrangements, please handle according to the preceding
provisions. 4. On the condition of meeting the cash
dividend distribution, if the Company's operation revenue
and net profit grow fast, and the board of directors
considers that the Company’s equity scale and equity
structure are reasonable, the Company can propose and
implement the dividend distribution plans except
proposing the cash dividend distribution plans. When
allocating stock dividend every time, the stock dividend
per 10 shares should be no less than 1 share. Stock
allocation can be implemented individually or in
combination of cash dividends. When confirming the exact
amount of profit distribution by stock, the Company
should fully consider if the general capital after profit
distribution by stock matches with the Company’s current
operation scale and profit growth rate and consider the
65
深圳市特力(集团)股份有限公司 2021 年年度报告全文
impact on future financing so as to make sure the
allocation plans meet the overall interests of all
shareholders.
Completed on time
Y
(Y/N)
As for the
commitment out of
the commitment
Not applicable
time, explain the
specific reasons
and further plans
2. Concerning assets or project of the Company, which has profit forecast, and reporting period still in
forecasting period, explain reasons of reaching the original profit forecast
□ Applicable √ Not applicable
II. Non-operational fund occupation from controlling shareholders and its related party
□ Applicable √ Not applicable
No non-operational fund occupation from controlling shareholders and its related party in period.
III. External guarantee out of the regulations
□ Applicable √ Not applicable
No external guarantee out of the regulations occurred in the period.
IV. Statement on the latest “modified audit report” by BOD
□ Applicable √ Not applicable
V. Explanation from Board of Directors, Supervisory Committee and Independent Directors
(if applicable) for “Modified Audit Report” issued by CPA
□ Applicable √ Not applicable
VI. Explanation of the changes in accounting polices, accounting estimates or correction of
significant accounting errors compared with the financial report of the previous year
√Applicable □Not applicable
(i) Overview of the accounting policy change
1. Reason for change
On December 7, 2018, the Ministry of Finance revised and issued the Accounting Standards for Business
66
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Enterprises No. 21 - Leases ( No. 35 [2018] of the Ministry of Finance) (hereinafter referred to as “new lease
standards”), enterprises that are listed both at home and abroad, as well as enterprises that are listed overseas and
use International Financial Reporting Standards or Accounting Standards for Business Enterprises to prepare
financial statements, are required to implement from January 1, 2019; other enterprises that implement
Accounting Standards for Business Enterprises are required to implement from January 1, 2021. In accordance
with the requirements of the above documents, the company has made corresponding changes to the accounting
policies.
2. Accounting policies adopted before change: Before this accounting policy change, the company implemented
the Accounting Standards for Business Enterprises - Basic Standards issued by the Ministry of Finance, various
specific accounting standards, the application guidelines for the accounting standards for business enterprises, the
interpretations of the accounting standards for business enterprises, and other relevant regulations.
3. Accounting policy adopted after change: After this change, the company will implement the new lease
standards. Other parts that have not changed are still implemented in accordance with the Accounting Standards
for Business Enterprises-Basic Standards issued by the Ministry of Finance in the previous period, various
specific accounting standards, the application guidelines for the accounting standards for business enterprises, and
the interpretations of accounting standards for business enterprises and other relevant regulations.
4. Date of change
According to the above-mentioned relevant standards and notices of the Ministry of Finance, the company, as a
domestically listed enterprise, has implemented the new lease standards from January 1, 2021.
5. Content of change
The main contents of the revision of the new lease standards include: improving the definition of lease, adding
lease identification, splitting, consolidation, etc.; canceling the classification of operating lease and finance lease
for a lessee, requiring to recognize the right-of-use assets and lease liabilities of all leases (excluding short-term
lease and low-value asset lease) and accrue depreciation and interest expenses respectively; improving the
subsequent measurement of the lessee, increasing the accounting treatment in the case of option revaluation and
lease change; enriching the lessor’s disclosure content to provide report users with more useful information.
(ii) The impact of this accounting policy change on the company
According to the convergence provisions of the new lease standards, the company has implemented the new lease
standards from January 1, 2021, and adjusted the amount of retained earnings and other related items in financial
statements at the beginning of the year when the new lease standards were first implemented according to the
cumulative impact of the first implementation of the new lease standards, but the comparable period information
was not adjusted.
This accounting policy change was made by the company in accordance with the relevant regulations and
requirements issued by the Ministry of Finance. After the change, the accounting policy can objectively and fairly
reflect the company's financial status and operating results, comply with relevant laws and regulations and the
company's actual situation, and will not have a significant impact on the company's financial condition, operating
results and cash flows, nor will it harm the interests of the company and shareholders.
67
深圳市特力(集团)股份有限公司 2021 年年度报告全文
VII. Major accounting errors within reporting period that needs retrospective restatement
√Applicable □Not applicable
1. Changes in the scope of consolidated financial statements during the reporting period
New subsidiaries during the reporting period:
Abbreviation of The reporting Reasons for included in the
Serial No. Full name of subsidiary
subsidiary period scope of consolidation
1 Shanghai Fanyue Diamond Co., Ltd. Shanghai Fanyue 2021 Newly established
2. Subsidiaries decreased during the reporting period:
Abbreviation of The reporting Reasons for not included in
Serial No. Full name of subsidiary
subsidiary period the scope of consolidation
1 Sichuan Tellus Jewelry Technology Co., Sichuan Jewelry 2021 Liquidation and cancellation
Ltd. Technology
2 Anhui Tellus Starlight Jewelry Investment Tellus Starlight 2021 Liquidation and cancellation
Co., Ltd.
3 Anhui Tellus Starlight Jinzun Jewelry Co., Tellus Starlight 2021 Liquidation and cancellation
Ltd. Jinzun
VIII. Appointment and non-reappointment (dismissal) of CPA
Accounting firm appointed
RSM Certified Public Accountants (Special General
Name of domestic accounting firm
Partnership)
Remuneration for domestic accounting firm (in 10 thousand
70.5
Yuan)
Continuous life of auditing service for domestic accounting
2
firm
Name of domestic CPA Li Qiaoyi, Qin Changming
Continuous life of auditing service for domestic accounting
Li Qiaoyi (2 years), Qin Changming (3 years)
firm
Re-appointed accounting firms in this period
□ Yes √ No
Appointment of internal control auditing accounting firm, financial consultant or sponsor
√Applicable □Not applicable
The Company appointed RSM Certified Public Accountants (Special General Partnership) as the internal control
68
深圳市特力(集团)股份有限公司 2021 年年度报告全文
audit accounting firm of the Company for year of 2021 with one-year term, the internal control audit was 205,000
yuan.
IX. Particular about delisting after annual report disclosed
□ Applicable √ Not applicable
X. Bankruptcy reorganization
□ Applicable √ Not applicable
No bankruptcy reorganization for the Company in reporting period
XI. Significant lawsuits and arbitration of the Company
√Applicable □Not applicable
Found more in the Company’s “Auditing Report 2021” disclosed on www.cninfo.com.cn on the same day, Note 11. Commitments or
contingency to the Financial Statements
XII. Penalty and rectification
□ Applicable √ Not applicable
No penalty and rectification for the Company in reporting period.
XIII. Integrity of the Company and its controlling shareholders and actual controllers
□ Applicable √ Not applicable
XIV. Major related transaction
1. Related transaction with routine operation concerned
√Applicable □Not applicable
Wh
ethe
Tradin r
Relate
g limit ove Clear Availa
Cont d
Type Rela ing
ent transa appro r ble Date
of ted Propor form
of Pricin ction
Relati relat tran tion in ved the for simila of Index of
Related relat g amoun
onshi ed sacti similar relate
party ed princi t (in (in 10 app r discl disclosure
p trans on transac d
trans ple 10
actio pric tions thousa rov trans marke osure
actio thousa
n e actio
n nd nd ed t price
n
Yuan)
Yuan) limi
ted
or
69
深圳市特力(集团)股份有限公司 2021 年年度报告全文
not
(Y/
N)
Direct
or,
super
Notice
visor
(No.:
Shenzh and
2021-016)
en senior Rout
Refer Agre released on
Zung execu ine Offe
ence ed by Securities
Fu tives relat ring April
marke 525. contr Times,
Tellus of the ed prop 525 2.70% 545 N 525.00 16,
t 00 act or Hong
Auto Comp trans erty 2021
pricin agree Kong
Service any actio renal
g ment Commerci
Co., serves n
al Daily
Ltd. direct
and Juchao
or of
Website
the
enterp
rise
Notice
(No.:
Shenzh
2021-016)
en SDG Subsi Rout
Refer Agre released on
Tellus diary ine Offe
ence ed by Securities
Propert of the relat ring April
marke contr Times,
y contro ed prop 7.59 7.59 0.04% 15 N 7.59 16,
t act or Hong
Manage lling trans erty 2021
pricin agree Kong
ment share actio renal
g ment Commerci
Co., holder n
al Daily
Ltd.
and Juchao
Website
Offe Notice
ring (No.:
Subsi Rout prop 2021-016)
Shenzh Refer Agre
diary ine erty released on
en SDG ence ed by
of the relat renal April Securities
Petty marke 131. contr
contro ed and 131.07 0.67% 145 N 131.07 16, Times,
Loan t 07 act or
lling trans man 2021 Hong
Co., pricin agree
share actio age Kong
Ltd. g ment
holder n ment Commerci
servi al Daily
ces and Juchao
70
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Website
Offe
ring
Subsi Rout prop
Refer Agre
Shenzh diary ine erty
ence ed by
en SDG of the relat renal
marke contr
Service contro ed and 2.22 2.22 0.01% N 2.22
t act or
Co., lling trans man
pricin agree
Ltd. share actio age
g ment
holder n ment
servi
ces
Notice
(No.:
Jewelry
2021-016)
Park Sub-s Rout
Refer Agre released on
Branch ubsidi ine Offe
ence ed by Securities
of ary of relat ring April
marke 207. contr Times,
Shenzh contro ed prop 207.97 1.07% 140 Y 207.97 16,
t 97 act or Hong
en SDG lling trans erty 2021
pricin agree Kong
Service share actio renal
g ment Commerci
Co., holder n
al Daily
Ltd.
and Juchao
Website
Shenzh Prov
en ide
Special vehi
Rout
Develo cle Refer Agre
ine
pment Contr main ence ed by
relat
Group olling tena marke contr
ed 4.56 4.56 0.00% Y 4.56
Co., share nce t act or
trans
Ltd. holder and pricin agree
actio
inspe g ment
n
ction
servi
ces
Shenzh Subsi Rout Prov
Refer Agre
en SDG diary ine ide
ence ed by
Tellus of the relat vehi
marke contr
Propert contro ed cle 0.19 0.19 0.00% Y 0.19
t act or
y lling trans main
pricin agree
Manage share actio tena
g ment
ment holder n nce
71
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Co., and
Ltd. inspe
ction
servi
ces
Notice
(No.:
Acce
Shenzh 2021-016)
Subsi Rout pt
en SDG Refer Agre released on
diary ine proje
Engine ence ed by Securities
of the relat ct April
ering marke 197. contr Times,
contro ed supe 197.68 1.67% 225 N 197.68 16,
Manage t 68 act or Hong
lling trans rvisi 2021
ment pricin agree Kong
share actio on
Co., g ment Commerci
holder n servi
Ltd al Daily
ces
and Juchao
Website
Notice
(No.:
Jewelry Acce
2021-016)
Park Sub-s Rout pt
Refer Agre released on
Branch ubsidi ine prop
ence ed by Securities
of ary of relat erty April
marke 86.1 contr Times,
Shenzh contro ed man 86.14 1.79% 140 N 86.14 16,
t 4 act or Hong
en SDG lling trans age 2021
pricin agree Kong
Service share actio ment
g ment Commerci
Co., holder n servi
al Daily
Ltd. ces
and Juchao
Website
Notice
(No.:
Acce
2021-028)
Subsi Rout pt
Refer Agre released on
Shenzh diary ine prop
ence ed by Securities
en SDG of the relat erty Aug
marke 427. 10.84 contr Times,
Service contro ed man 427.03 1,086 N 427.03 ust 7,
t 03 % act or Hong
Co., lling trans age 2021
pricin agree Kong
Ltd. share actio ment
g ment Commerci
holder n servi
al Daily
ces
and Juchao
Website
Shenzh Subsi Rout Acce Refer 1,01 1,013. 25.74 Agre 1,013. April Notice
1,100 N
en SDG diary ine pt ence 3.72 72 % ed by 72 16, (No.:
72
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Tellus of the relat prop marke contr 2021 2021-016)
Propert contro ed erty t act or released on
y lling trans man pricin agree Securities
Manage share actio age g ment Times,
ment holder n ment Hong
Co., servi Kong
Ltd. ces Commerci
al Daily
and Juchao
Website
2,603.
Total -- -- -- 3,396 -- -- -- -- --
17
Detail of sales return with major
N/A
amount involved
Report the actual implementation
of the daily related transactions
which were projected about their Performing normally
total amount by types during the
reporting period (if applicable)
Reasons for major differences
between trading price and market Not applicable
reference price
2. Related transactions by assets acquisition and sold
□ Applicable √ Not applicable
No related transactions by assets acquisition and sold for the Company in reporting period.
3. Main related transactions of mutual investment outside
□ Applicable √ Not applicable
No main related transactions of mutual investment outside for the Company in reporting period.
4. Contact of related credit and debt
√Applicable □Not applicable
Whether the Company had non-operating contact of related credit and debt
□ Yes √ No
The Company had no non-operating contact of related credit and debt in reporting period.
5. Contact with the related finance companies
□ Applicable √ Not applicable
73
深圳市特力(集团)股份有限公司 2021 年年度报告全文
There are no deposits, loans, credits or other financial business between the Company, the related finance companies and related
parties.
6. Transactions between the finance company controlled by the Company and related parties
□ Applicable √ Not applicable
There are no deposits, loans, credits or other financial business between the finance companies controlled by the Company and
related parties
7. Other major related transactions
□ Applicable √ Not applicable
No other major related transaction in Period
XV. Significant contract and implementations
1. Trusteeship, contract and leasing
(1) Trusteeship
□ Applicable √ Not applicable
No trusteeship for the Company in reporting period
(2) Contract
□ Applicable √ Not applicable
No contract for the Company in reporting period
(3) Leasing
□ Applicable √ Not applicable
No leasing for the Company in reporting period
2. Major guarantees
√Applicable □Not applicable
In 10 thousand Yuan
Particulars about the external guarantee of the Company and its subsidiary (Barring the guarantee for subsidiaries)
Name of Related Count Guaran
Actual
the Announc Actual er Implem tee for
Guarante date of Guarante Collateral Guarant
Company ement guarantee guara ented related
e limit happenin e type (if any) ee term
guarantee disclosur limit ntee (Y/N) party
g
d e date (if (Y/N)
74
深圳市特力(集团)股份有限公司 2021 年年度报告全文
any)
Shenzhen To the
Zung Fu expire
Septembe
Tellus April 17, date of
r 30, 3,500 3,500 Pledge N Y N Y
Auto 2007 joint
2014
Service venture
Co., Ltd. contract
Total approving Total actual occurred
external guarantee in 0 external guarantee in 3,500
report period (A1) report period (A2)
Total approved Total actual balance of
external guarantee at external guarantee at
3,500 3,500
the end of report the end of report
period (A3) period (A4)
Guarantee of the Company to subsidiaries
Count
Name of Related Guaran
Actual er
the Announc Actual Implem tee for
Guarante date of Guarante Collateral guara Guarant
Company ement guarantee ented related
e limit happenin e type (if any) ntee ee term
guarantee disclosur limit (Y/N) party
g (if
d e date (Y/N)
any)
Guarantee of the subsidiaries to subsidiaries
Count
Name of Related Guaran
Actual er
the Announc Actual Implem tee for
Guarante date of Guarante Collateral guara Guarant
Company ement guarantee ented related
e limit happenin e type (if any) ntee ee term
guarantee disclosur limit (Y/N) party
g (if
d e date (Y/N)
any)
Total amount of Total amount of actual
approving guarantee occurred guarantee for
0 0
for subsidiaries in subsidiaries in report
report period (C1) period (C2)
Total amount of Total balance of actual
approved guarantee guarantee for
for subsidiaries at the 0 subsidiaries at the end 0
end of reporting of reporting period
period (C3) (C4)
Total amount of guarantee of the Company (total of three above mentioned guarantee)
Total amount of approving Total amount of actual
guarantee in report period 0 occurred guarantee in 3,500
(A1+B1+C1) report period
75
深圳市特力(集团)股份有限公司 2021 年年度报告全文
(A2+B2+C2)
Total balance of actual
Total amount of approved
guarantee at the end of
guarantee at the end of report 3,500 3,500
report period
period (A3+B3+C3)
(A4+B4+C4)
The proportion of the total amount of actually
guarantee in the net assets of the Company (that 2.40%
is A4+ B4+C4)
Including:
Amount of guarantee for shareholders, actual
0
controller and its related parties (D)
The debts guarantee amount provided for the
guaranteed parties whose assets-liability ratio 0
exceed 70% directly or indirectly (E)
Proportion of total amount of guarantee in net
0
assets of the Company exceed 50% (F)
Total amount of the aforesaid three guarantees
0
(D+E+F)
For an unexpired guarantee contract,
explanation on the guarantee liability has been
incurred during the reporting period or there is N/A
evidence of the possibility of joint and several
liability for payment (if applicable)
Explanations on external guarantee against
N/A
regulated procedures (if applicable)
Explanation on guarantee with composite way
3. Entrust others to cash asset management
(1) Trust financing
√Applicable □Not applicable
Trust financing in the reporting period
In 10 thousand Yuan
Amount with
impairment
accrual for the
Outstanding
Type Capital sources Amount occurred Overdue amount overdue financial
balance
products which
has not been
recovered
76
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Bank financing
Own funds 155,000 41,100 0 0
product
Total 155,000 41,100 0 0
Details of the single major amount, or high-risk trust investment with low security, poor fluidity
□ Applicable √ Not applicable
Entrust financial expected to be unable to recover the principal or impairment might be occurred
□ Applicable √ Not applicable
(2) Entrusted loans
□ Applicable √ Not applicable
The Company had no entrusted loans in the reporting period.
4. Other significant contracts
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period
XVI. Explanation on other significant events
□ Applicable √ Not applicable
The company had no other significant matters that needs description in the reporting period.
XVII. Significant event of subsidiary of the Company
□ Applicable √ Not applicable
77
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Section VII. Changes in Shares and Particulars about Shareholder
I. Changes in Share Capital
1. Changes in Share Capital
In Share
Before change Increase/decrease in this time (+ , - ) After change
New Capital
share Bonu ization
Othe Subt
Amount Ratio s s of Amount Ratio
r otal
issue share public
d reserve
I. Restricted shares 0 0.00% 0 0 0 0 0 0 0.00%
1. State holding 0 0.00% 0 0 0 0 0 0 0.00%
2. State-owned
0 0.00% 0 0 0 0 0 0 0.00%
corporation shares
3. Other domestic shares 0 0.00% 0 0 0 0 0 0 0.00%
Including: domestic
0 0.00% 0 0 0 0 0 0 0.00%
legal person’s shares
Domestic natural
0 0.00% 0 0 0 0 0 0 0.00%
person’s shares
4. Foreigner’s shares 0 0.00% 0 0 0 0 0 0 0.00%
Including: foreign
0 0.00% 0 0 0 0 0 0 0.00%
corporation shares
Foreign natural
0 0.00% 0 0 0 0 0 0 0.00%
person’s shares
431,058,3 100.00
II. Un-restricted shares 0 0 0 0 0 431,058,320 100.00%
20 %
392,778,3
1. RMB ordinary shares 91.12% 0 0 0 0 0 392,778,320 91.12%
20
2. Domestically listed 38,280,00
8.88% 0 0 0 0 0 38,280,000 8.88%
foreign shares 0
2. Foreign shares listed
0 0.00% 0 0 0 0 0 0 0.00%
aboard
3. Other 0 0.00% 0 0 0 0 0 0 0.00%
III. Total shares 431,058,3 100.00 0 0 0 0 0 431,058,320 100.00%
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
20 %
Reasons for share changed
□ Applicable √ Not applicable
2. Changes of restricted shares
□ Applicable √ Not applicable
II. Securities issuance and listing
1. Security offering (without preferred stock) in Reporting Period
□ Applicable √ Not applicable
2. Changes of total shares and shareholders structure as well as explanation on changes of assets and
liability structure
□ Applicable √ Not applicable
3. Current internal staff shares
□ Applicable √ Not applicable
III. Particulars about shareholder and actual controller of the Company
1. Amount of shareholders of the Company and particulars about shares holding
In Share
Total
preference
shareholders
Total Total preference
with voting
Total common shareholders
rights
common stock with voting
recovered at
stock shareholders rights recovered
46,064 46,354 0 end of last 0
shareholders at end of last at end of
month before
in reporting month before reporting period
annual report
period-end annual report (if applicable)
disclosed (if
disclosed (found in note 8)
applicable)
(found in note
8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Full name of Nature of Proport Amount of Changes Amoun Amount of Shares pledged, marked or
79
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Shareholders shareholder ion of shares held in report t of un-restricte frozen
shares at the period restrict d shares
held period-end ed held State of
Amount
shares share
held
Shenzhen
State-owne
Special 211,591,62 211,591,62
d 49.09% 0 0 0
Development 1 1
corporation
Group Co., Ltd.
Shenzhen
Domestic
Capital Fortune
non -8,110,9
Jewelry Industry 12.89% 55,544,437 0 55,544,437 0
state-owne 35
Investment
d corporate
Enterprise (LP)
GUOTAIJUNA
NSECURITIES( Foreign
0.43% 1,856,546 120,455 0 1,856,546 0
HONGKONG)L corporation
IMITED
CCB-GF CSI All
Index Auto
index-based
Other 0.22% 948,018 5,780 0 948,018 0
Originated
Securities
Investment Fund
Domestic
Yang Jianfeng nature 0.20% 863,235 359,035 0 863,235 0
person
Domestic
Shi Xiumin nature 0.18% 758,735 758,735 0 758,735 0
person
Domestic
Xu Feirong nature 0.14% 591,578 591,578 0 591,578 0
person
Domestic
Xiao Qiaoyue nature 0.13% 578,648 202,288 0 578,648 0
person
Shanghai
Yingshui
Investment
Other 0.13% 566,487 0 0 566,487 0
Management
Co., Ltd. -
Yingshui
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Dongfeng
No.3-Private
Equity
Investment Fund
Domestic
Li Guoyong nature 0.13% 517,500 261,617 0 517,500 0
person
Strategy investors or general
corporation comes top 10
N/A
shareholders due to rights issue
(if applicable) (found in note 3)
Among the top ten shareholders, there exists no associated relationship between the
Explanation on associated state-owned legal person’s shareholders SDG, Ltd and other shareholders, and they do not
relationship among the top ten belong to the persons acting in concert regulated by the Management Measure of Information
shareholders or consistent Disclosure on Change of Shareholding for Listed Companies. For the other shareholders of
action circulation share, the Company is unknown whether they belong to the persons acting in
concert.
Description of the above
shareholders in relation to
delegate/entrusted voting rights Not applicable
and abstention from voting
rights.
Special note on the repurchase
account among the top 10
N/A
shareholders (if applicable)
(found in note 10)
Particular about top ten shareholders with un-restrict shares held
Type of shares
Shareholders’ name Amount of un-restrict shares held at Period-end
Type Amount
RMB
Shenzhen Special Development
211,591,621 ordinary 211,591,621
Group Co., Ltd.
shares
Shenzhen Capital Fortune RMB
Jewelry Industry Investment 55,544,437 ordinary 55,544,437
Enterprise (LP) shares
Domesticall
GUOTAIJUNANSECURITIES y listed
1,856,546 1,856,546
(HONGKONG)LIMITED foreign
shares
CCB-GF CSI All Index Auto RMB
948,018 948,018
index-based Originated ordinary
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Securities Investment Fund shares
RMB
Yang Jianfeng 863,235 ordinary 863,235
shares
RMB
Shi Xiumin 758,735 ordinary 758,735
shares
RMB
Xu Feirong 591,578 ordinary 591,578
shares
RMB
Xiao Qiaoyue 578,648 ordinary 578,648
shares
Shanghai Yingshui Investment
Management Co., Ltd. - RMB
Yingshui Dongfeng 566,487 ordinary 566,487
No.3-Private Equity Investment shares
Fund
RMB
Li Guoyong 517,500 ordinary 517,500
shares
Expiation on associated Among the top ten shareholders, there exists no associated relationship between the
relationship or consistent actors state-owned legal person’s shareholders SDG, Ltd and other shareholders, and they do not
within the top 10 un-restrict belong to the persons acting in concert regulated by the Management Measure of Information
shareholders and between top Disclosure on Change of Shareholding for Listed Companies. For the other shareholders of
10 un-restrict shareholders and circulation share, the Company is unknown whether they belong to the persons acting in
top 10 shareholders concert.
The shareholder Yang Jianfeng holds 657,935 shares of the company's stock through a credit
transaction guarantee securities account, and 205,300 shares of the company's stock through
an ordinary securities account, for a total of 863,235 shares. Shareholder Xu Feirong holds
576,478 shares of the company's stock through a credit transaction guarantee securities
account, and 15,100 shares of the company's stock through an ordinary securities account, for
Explanation on shareholders
a total of 591,578 shares. Shareholder Xiao Qiaoyue holds 449,648 shares of the company's
involving margin business
stock through a credit transaction guarantee securities account, and 129,000 shares of the
about top ten common
company's stock through an ordinary securities account, for a total of 578,648 shares. The
shareholders with un-restrict
shareholder Shanghai Yingshui Investment Management Co., Ltd. - Yingshui Dongfeng
shares held(if applicable)
No.3-Private Equity Investment Fund holds 566,487 shares of the company's stock through a
(found in note 4)
credit transaction guarantee securities account, and 0 shares through an ordinary securities
account, for a total of 566,487 shares. The shareholder Li Guoyong holds 493,255 shares of
the company's stock through a credit transaction guarantee securities account, and 24,245
shares of the company's stock through an ordinary securities account, for a total of 517,500
shares.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Whether top ten common stock shareholders or top ten common stock shareholders with un-restrict shares held have a buy-back
agreement dealing in reporting period
□ Yes √ No
The top ten common stock shareholders or top ten common stock shareholders with un-restrict shares held of the Company have no
buy-back agreement dealing in reporting period.
2. Controlling shareholder of the Company
Nature of controlling shareholders: local state-owned holding
Type of controlling shareholders: legal person
Legal
Majority shareholder person/person in Date of foundation Organization code Main operation business
charge of the unit
Investment in industry
(specific item should be
declaration); investment
in tourism industry;
development and
operation of the real
estate; domestic business,
Shenzhen Special material supply and
Development Group Co., Zhang Junlin August 1, 1981 91440300192194195C marketing industry
Ltd. (excluding monopolized
commodity and
commodity under special
government control);
economic
information(excluding
restricted projects);
import & export business
Except the shares of the Company held by SDG: 1. SDG directly holds 37.07% (313,086,853
shares) of Shenzhen SDG Information Co., Ltd. (Stock abbreviation “SDGI”, stock code 000070),
and 1.17% (9,903,504 shares) held through Hanguo Sanhe Co., Ltd. 2. SDG holds 21.35%
Equity of listed Company in (18,3818,073 shares) of Shenzhen Microgate Technology Co., Ltd. (Stock abbreviation
and out of China control “Microgate Technology”, stock code 300319) through Shenzhen Capital Fortune Electronic
and hold by the majority Information Investment Enterprise (limited partnership); directly holds 8.36% (72,000,000 shares)
shareholder in the Period of Microgate Technology. 3. SDG directly holds 47.78% (62,107,500 shares) of Shenzhen SDG
Service Co., Ltd. (Stock abbreviation “SDG Service”, stock code 300917), and holds 0.98%
(1,267,500 shares) through SDG Investment. 4. SDG directly holds 0.77% (4,707,509 shares) of
Sichuan Jinlu Group Co., Ltd. (Stock abbreviation “xjinlu”, stock code 000510)
Changes of controlling shareholders in reporting period
□ Applicable √ Not applicable
The Company had no changes of controlling shareholders in reporting period
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
3. Actual controller of the Company and persons acting in concert
Nature of actual controller: local state-owned assets management
Type of actual controller: legal person
Legal
Actual controlling person/person Date of
Organization code Main operation business
shareholders in charge of the foundation
unit
Performs the duties of capital
contributors on behalf of the
Shenzhen Municipal People’s
State, and supervises and
Government State-owned
Wang Yongjian July 30, 2004 K3172806-7 manages the state-owned
Assets Supervision and
assets authorized for
Administration Commission
supervision in accordance
with the laws.
Equity of domestic/oversea
listed Company control by
Not applicable
actual controller in report
period
Changes of actual controller in reporting period
□ Applicable √ Not applicable
No changes of actual controllers for the Company in reporting period.
Property right and controlling relationship between the actual controller and the Company is as follow
Actual controller controlling the Company by entrust or other assets management
□ Applicable √ Not applicable
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
4. The total number of shares pledged by controlling shareholders or the first majority shareholder and its
persons acting in concert accounts for 80% of the shares held by them
□ Applicable √ Not applicable
5. Particulars about other legal person shareholders with over 10% shares held
√Applicable □Not applicable
Legal rep./person in Register Main business or
Corporate shareholders Date of foundation
charge of unit capital management activity
Shenzhen Capital
Fortune Jewelry Industry 620 million
Zhao Hui April 18, 2014 Equity investment
Investment Enterprise Yuan
(LP)
6. Limitation and reducing the holdings of shares of controlling shareholders, actual controllers,
restructuring side and other commitment subjects
□ Applicable √ Not applicable
IV. The specific implementation of shares buy-back during the reporting period
Implementation progress of shares buy-back
□ Applicable √ Not applicable
Implementation progress of the reduction of repurchases shares by centralized bidding
□ Applicable √ Not applicable
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Section VIII. Preferred Stock
□ Applicable √ Not applicable
The Company had no preferred stock in the Period.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Section IX. Bonds
□ Applicable √ Not applicable
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Section X. Financial Report
I. Audit report
Type of audit opinion Standard unqualified opinion
Signing date of audit report April 7, 2022
RSM Certified Public Accountants (Special General
Name of audit institute
Partnership)
Number of Audit report RSM Shen Zi[2022] No.518Z0182
Name of CPA Li Qiaoyi, Qin Changming
Auditor’s Report
To the Shareholders of Shenzhen Tellus Holding Co., Ltd.:
I. Auditing opinions
We have audited the financial statement under the name of Shenzhen Tellus Holding Co., Ltd. (hereinafter
referred to as Tellus Group), including the consolidated and parent Company’s balance sheet of 31 December
2021 and profit statement, and cash flow statement, and statement on changes of shareholders’ equity for the year
ended, and notes to the financial statements for the year ended.
In our opinion, the attached financial statements are in all material respects in accordance with the provision of
Accounting Standards for Business Enterprises, and they fairly present the financial status of the Company and of
its parent company as of 31 December 2021 and its operation results and cash flows for the year ended.
II. Basis of opinion
We conducted our audit in accordance with the Auditing Standards for Certified Public Accountants of China. Our
responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit of the
Financial Statements” section of the auditor’s report. We are independent of the Company in accordance with the
Certified Public Accountants of China’s Code of Ethics for Professional Accountants, and we have fulfilled our
other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
III. Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
(i) Revenue recognition
1. Matter description
Found more in the 26 in Note III and the 38 in Note V carried in financial statement
Operating revenue of Tellus Group is mainly derived from automobile sales, automotive repair & testing,
jewellery sales & service, real estate leasing and services. In 2021, Tellus Group achieved operating revenue of
508,520,026.18 Yuan with 19.82% down from a year earlier.
Since the operating revenue is one of the key performance indicators of Tellus Group, there may be an inherent
risk that the management of Tellus Group (hereinafter referred to as management) may use inappropriate revenue
recognition to achieve specific goals or expectations. Accordingly, we have identified revenue recognition as a key
audit matter.
2. Audit response
The relevant procedures we have implemented for revenue recognition including:
(1) Understand the key internal controls relating to revenue recognition, evaluation the design of these controls,
determine whether they are being implemented and test the operating effectiveness of the relevant internal
controls;
(2) Check major merchandising contracts, real estate leasing contracts and evaluate whether the revenue
recognition policy is in compliance with the provision of Accounting Standards for Business Enterprise;
(3) Implementing analytical procedures for operating revenue and gross margin on a monthly basis or on products,
identify whether there are significant or unusual fluctuations and find out the causes of such fluctuations;
(4) Check supporting documents related to revenue recognition by sampling, including merchandise sales contract
or real estate contract, invoice, merchandise sales order, delivery receipts and customer sign receipt etc.;
(5) Combined with the account receivable letter, confirm the current sales volume to the main customers by
sampling;
(6) As for the revenue recognized before and after the balance sheet date, check the supporting documents such as
invoices, sales orders, delivery receipts and customer sign receipt in a sampling manner, and evaluate whether the
operating revenue is recognized in an appropriate period;
(7) Check whether the revenue is properly resented in the financial statements in accordance with the Accounting
Standards for Business Enterprises.
(ii) Recognition of earnings on equity transfer
1. Matter description
Found more in the 16 in Note III and the 44 in Note V carried in financial statement
Tellus Group achieved an income from investment of 93,780,306.77 yuan for the year of 2021, mainly generated
by the earnings from disposing the long-term equity investment. On August 26, 2021, the wholly-owned
subsidiary of Tellus Group - Shenzhen Automotive Industry Trading Co., Ltd (hereinafter referred to as Auto
Industry Trading Company) transferred the 25% equity of Shenzhen Dongfeng Motor Co., Ltd. (hereinafter
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
referred to as Dongfeng Company) by way of public listing on Shenzhen United Property and Equity Exchange.
The equity transfer earnings are recognized as 66,171,136.41 yuan, accounting for 37.57% of the total profit for
whole year of 2021.
As the above mentioned equity transfer has a significant impact on the operation performance of the Tellus Group
for year of 2021, we considered that the recognition of earnings on equity transfer as a key audit matter.
2. Audit response
Relevant procedures implemented for the recognition of earnings on equity transfer mainly includes:
(1) Understand, evaluate and testing the key internal controls with equity transfer concerned;
(2) Obtain resolution of the Board Meetings with equity transfer transaction concerned, and evaluate whether the
transaction has been authorized and approved in an appropriate way;
(3) Evaluate the objectivity, independence and professional competence of the fair value (the basis for transaction
pricing) appraisal institution through inquires;
(4) Checking up on equity transfer agreement, certificate of the receipt of equity transfer payment, equity
settlement documents and property transfer procedures, etc., and determining whether the timing of investment
income from transfer of the equity of Shenzhen Dongfeng Company is reasonable;
(5) Re-calculate the investment earnings resulting from equity transfer and reconciled with the management in
calculation;
(6) Reviewing whether the disclosure with equity transfer transaction concerned carry in financial statements are
compliance with the requirements of Accounting Standards for Business Enterprises.
IV. Other information
The management of Tellus is responsible for other information which includes the information covered in the
Company’s 2020 annual report excluding the financial statement and our audit report.
Our audit opinions on the financial statements do not cover other information, and we do not issue any form of
authentication conclusions on other information. In combination with our audit of the financial statements, it is
our responsibility to read other information and, in doing so, to consider whether there is material inconsistency or
material misstatement between the other information and the financial statements or what we learned in the course
of our audit. Based on the work we have performed, if we determine that other information is materially misstated,
we should report that fact. We have no matters to report in this regard.
V. Responsibilities of management and those charged with governance for the financial statements
The management is responsible for the preparation of the financial statements in accordance with the Accounting
Standards for Enterprise to secure a fair presentation, and for the design, establishment and maintenance of the
internal control necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
In preparing the financial statements, the management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing matters related to going concern (if applicable) and using the going
concern assumption unless the management either intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so. Those charged with Tellus Group (hereinafter referred to as the governance)
are responsible for overseeing the Company’s financial reporting process.
VI. Responsibilities of the auditor for the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an audit report that includes our audit opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the CAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with the CAS, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
(1) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for audit opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
(2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the management.
(4) Conclude on the appropriateness of the management’s use of the going concern assumption and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required by the CAS to draw users’ attention in audit report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify audit opinion. Our conclusions are based
on the information obtained up to the date of audit report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
(5) Evaluate the overall presentation, structure and content of the financial statements, and whether the financial
statements represent the underlying transactions and events in a manner that achieves fair presentation.
(6) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Company to express audit opinion on the financial statements. We are responsible for the
direction, supervision and performance of the group audit. We remain solely responsible for audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the governance with a statement of our compliance with the ethical requirements relating to our
independence and communicate with the governance on all relationships and other matters that may reasonably be
considered to affect our independence, as well us the relevant precautions (if applicable).
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in the auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in the auditor’s report because of the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
II. Financial Statement
Prepared by Shenzhen Tellus Holding Co., Ltd.
Statement in Financial Notes are carried in RMB/CNY
1. Consolidated Balance Sheet
Prepared by Shenzhen Tellus Holding Co., Ltd.
In RMB
Item December 31, 2021 December 31, 2020
Current assets:
Monetary funds 240,582,057.16 237,625,698.93
Settlement provisions
Capital lent
Trading financial assets 412,712,843.84 314,013,869.86
Derivative financial assets
Note receivable
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Account receivable 18,094,059.92 19,828,510.36
Receivable financing
Accounts paid in advance 16,532,227.85 9,847,749.74
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance
receivable
Other account receivable 5,072,970.77 29,269,790.83
Including: Interest receivable
Dividend receivable 547,184.35 24,647,732.42
Buying back the sale of financial
assets
Inventories 25,434,925.04 22,079,679.93
Contractual assets
Assets held for sale 530,520.33
Non-current asset due within one
year
Other current assets 8,596,585.57 6,000,566.69
Total current assets 727,556,190.48 638,665,866.34
Non-current assets:
Loans and payments on behalf
Debt investment
Other debt investment
Long-term account receivable
Long-term equity investment 88,310,867.47 123,640,955.57
Investment in other equity
10,176,617.20 10,176,617.20
instrument
Other non-current financial
assets
Investment real estate 551,383,294.54 568,246,616.13
Fixed assets 109,438,198.23 119,136,917.91
Construction in progress 210,197,546.72 101,740,485.48
Productive biological asset
Oil and gas asset
Right-of-use assets 7,336,915.83
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Intangible assets 49,589,498.28 51,627,673.21
Expense on Research and
Development
Goodwill
Long-term expenses to be
28,682,636.66 30,714,879.22
apportioned
Deferred income tax asset 8,499,551.03 8,498,822.10
Other non-current asset 68,473,888.99 55,993,467.99
Total non-current asset 1,132,089,014.95 1,069,776,434.81
Total assets 1,859,645,205.43 1,708,442,301.15
Current liabilities:
Short-term loans
Loan from central bank
Capital borrowed
Trading financial liability
Derivative financial liability
Note payable
Account payable 67,407,763.03 76,583,166.53
Accounts received in advance 1,827,827.28 2,403,580.47
Contractual liability 21,059,311.18 18,988,628.13
Selling financial asset of
repurchase
Absorbing deposit and interbank
deposit
Security trading of agency
Security sales of agency
Wage payable 38,893,597.75 28,365,685.21
Taxes payable 48,522,100.45 21,062,154.32
Other account payable 112,617,963.65 158,663,974.62
Including: Interest payable
Dividend payable 46,295.65
Commission charge and
commission payable
Reinsurance payable
Liability held for sale
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Non-current liabilities due
3,021,452.25
within one year
Other current liabilities 2,367,994.70 2,237,573.19
Total current liabilities 295,718,010.29 308,304,762.47
Non-current liabilities:
Insurance contract reserve
Long-term loans 86,875,874.39 11,171,759.33
Bonds payable
Including: Preferred stock
Perpetual capital
securities
Lease liability 4,474,543.09
Long-term account payable 3,920,160.36 3,920,160.36
Long-term wages payable
Accrual liability 268,414.80 268,414.80
Deferred income 10,235,331.21 131,102.38
Deferred income tax liabilities 963,045.49
Other non-current liabilities
Total non-current liabilities 106,737,369.34 15,491,436.87
Total liabilities 402,455,379.63 323,796,199.34
Owner’s equity:
Share capital 431,058,320.00 431,058,320.00
Other equity instrument
Including: Preferred stock
Perpetual capital
securities
Capital public reserve 431,449,554.51 431,449,554.51
Less: Inventory shares
Other comprehensive income 26,422.00 26,422.00
Reasonable reserve
Surplus public reserve 26,546,480.09 23,848,485.62
Provision of general risk
Retained profit 543,843,496.85 424,141,893.34
Total owner’ s equity attributable to
1,432,924,273.45 1,310,524,675.47
parent company
95
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Minority interests 24,265,552.35 74,121,426.34
Total owner’ s equity 1,457,189,825.80 1,384,646,101.81
Total liabilities and owner’ s equity 1,859,645,205.43 1,708,442,301.15
Legal Representative: Fu Chunlong
Person in charge of Accounting Works: Lou Hong
Person in charge of Accounting Institution: Lou Hong
2. Balance Sheet of Parent Company
In RMB
Item December 31, 2021 December 31, 2020
Current assets:
Monetary funds 96,860,811.12 71,772,303.28
Trading financial assets 346,485,780.83 118,484,941.09
Derivative financial assets
Note receivable
Account receivable 119,014.41 249,428.20
Receivable financing
Accounts paid in advance 180,505.50
Other account receivable 90,401,592.58 126,970,097.13
Including: Interest receivable
Dividend
547,184.35 547,184.35
receivable
Inventories
Contractual assets
Assets held for sale
Non-current assets maturing
within one year
Other current assets
Total current assets 534,047,704.44 317,476,769.70
Non-current assets:
Debt investment
Other debt investment
Long-term receivables
96
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Long-term equity investments 781,100,340.20 876,760,784.88
Investment in other equity
10,176,617.20 10,176,617.20
instrument
Other non-current financial
assets
Investment real estate 29,425,213.32 31,971,205.42
Fixed assets 17,792,917.53 19,082,604.22
Construction in progress 210,072,702.40 100,252,309.72
Productive biological assets
Oil and natural gas assets
Right-of-use assets
Intangible assets 48,214,014.93 50,135,951.98
Research and development costs
Goodwill
Long-term deferred expenses 8,853,627.44 8,786,280.69
Deferred income tax assets 3,398,437.68 3,397,708.75
Other non-current assets 32,375,515.49 27,427,939.18
Total non-current assets 1,141,409,386.19 1,127,991,402.04
Total assets 1,675,457,090.63 1,445,468,171.74
Current liabilities:
Short-term borrowings
Trading financial liability
Derivative financial liability
Notes payable
Account payable 344,098.18 267,841.07
Accounts received in advance 60,656.39 682,934.41
Contractual liability
Wage payable 25,851,294.89 15,784,381.93
Taxes payable 1,873,430.60 1,123,476.72
Other accounts payable 471,549,476.87 345,894,297.23
Including: Interest payable
Dividend payable
Liability held for sale
Non-current liabilities due
within one year
97
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Other current liabilities
Total current liabilities 499,678,956.93 363,752,931.36
Non-current liabilities:
Long-term loans 86,875,874.39 11,171,759.33
Bonds payable
Including: Preferred stock
Perpetual capital
securities
Lease liability
Long-term account payable
Long term employee
compensation payable
Accrued liabilities
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 86,875,874.39 11,171,759.33
Total liabilities 586,554,831.32 374,924,690.69
Owners’ equity:
Share capital 431,058,320.00 431,058,320.00
Other equity instrument
Including: Preferred stock
Perpetual capital
securities
Capital public reserve 428,256,131.23 428,256,131.23
Less: Inventory shares
Other comprehensive income
Special reserve
Surplus reserve 26,546,480.09 23,848,485.62
Retained profit 203,041,327.99 187,380,544.20
Total owner’s equity 1,088,902,259.31 1,070,543,481.05
Total liabilities and owner’s equity 1,675,457,090.63 1,445,468,171.74
3. Consolidated Profit Statement
In RMB
98
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Item 2021 2020
I. Total operating income 508,520,026.18 424,419,203.34
Including: Operating income 508,520,026.18 424,419,203.34
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 429,932,421.97 377,759,171.82
Including: Operating cost 352,929,715.81 319,261,201.59
Interest expense
Commission charge and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal
of insurance contract reserve
Bonus expense of
guarantee slip
Reinsurance expense
Tax and extras 6,944,096.18 4,104,477.41
Sales expense 27,178,175.03 17,715,132.43
Administrative expense 47,151,316.69 39,984,244.07
R&D expense
Financial expense -4,270,881.74 -3,305,883.68
Including: Interest
2,253,915.94 1,042,694.54
expenses
Interest
6,538,484.64 4,473,218.76
income
Add: Other income 2,970,055.35 1,566,918.68
Investment income (Loss is
93,780,306.77 23,458,405.59
listed with “-”)
Including: Investment
income on affiliated company and joint 17,874,805.32 14,962,411.52
venture
The termination of
income recognition for financial assets
99
深圳市特力(集团)股份有限公司 2021 年年度报告全文
measured by amortized cost
Exchange income (Loss is
listed with “-”)
Net exposure hedging
income (Loss is listed with “-”)
Income from change of fair
663,932.88 316,475.19
value (Loss is listed with “-”)
Loss of credit impairment
38,129.28 1,528,748.01
(Loss is listed with “-”)
Losses of devaluation of
-812,607.69 -23,818.95
asset (Loss is listed with “-”)
Income from assets disposal
158,228.49
(Loss is listed with “-”)
III. Operating profit (Loss is listed with
175,385,649.29 73,506,760.04
“-”)
Add: Non-operating income 768,055.65 3,289,158.12
Less: Non-operating expense 37,503.15 92,751.70
IV. Total profit (Loss is listed with “-”) 176,116,201.79 76,703,166.46
Less: Income tax expense 44,063,670.71 16,397,936.55
V. Net profit (Net loss is listed with
132,052,531.08 60,305,229.91
“-”)
(i) Classify by business continuity
1.continuous operating net profit
132,052,531.08 60,305,229.91
(net loss listed with ‘-”)
2.termination of net profit (net
loss listed with ‘-”)
(ii) Classify by ownership
1.Net profit attributable to
131,020,764.38 57,663,828.89
owner’s of parent company
2.Minority shareholders’ gains
1,031,766.70 2,641,401.02
and losses
VI. Net after-tax of other
comprehensive income
Net after-tax of other comprehensive
income attributable to owners of parent
company
(I) Other comprehensive income
items which will not be reclassified
100
深圳市特力(集团)股份有限公司 2021 年年度报告全文
subsequently to profit of loss
1.Changes of the defined
benefit plans that re-measured
2.Other comprehensive
income under equity method that
cannot be transfer to gain/loss
3.Change of fair value of
investment in other equity instrument
4.Fair value change of
enterprise's credit risk
5. Other
(ii) Other comprehensive income
items which will be reclassified
subsequently to profit or loss
1.Other comprehensive
income under equity method that can
transfer to gain/loss
2.Change of fair value of
other debt investment
3.Amount of financial
assets re-classify to other
comprehensive income
4.Credit impairment
provision for other debt investment
5.Cash flow hedging
reserve
6.Translation differences
arising on translation of foreign
currency financial statements
7.Other
Net after-tax of other comprehensive
income attributable to minority
shareholders
VII. Total comprehensive income 132,052,531.08 60,305,229.91
Total comprehensive income
attributable to owners of parent 131,020,764.38 57,663,828.89
Company
Total comprehensive income
1,031,766.70 2,641,401.02
attributable to minority shareholders
101
深圳市特力(集团)股份有限公司 2021 年年度报告全文
VIII. Earnings per share:
(i) Basic earnings per share 0.3040 0.1338
(ii) Diluted earnings per share 0.3040 0.1338
As for the enterprise combination under the same control, the net profit achieved by the combined party before consolidation was 0
Yuan in the period while 0 Yuan achieved last period
Legal Representative: Fu Chunlong
Person in charge of Accounting Works: Lou Hong
Person in charge of Accounting Institution: Lou Hong
4. Profit Statement of Parent Company
In RMB
Item 2021 2020
I. Operating income 50,382,988.38 37,241,063.15
Less: Operating cost 15,225,250.76 10,754,749.28
Taxes and surcharge 1,563,395.23 1,176,003.82
Sales expenses
Administration expenses 37,305,543.73 27,966,422.98
R&D expenses
Financial expenses -2,644,425.65 -1,876,961.86
Including: Interest
expenses
Interest
2,593,770.67 -1,876,961.86
income
Add: Other income 42,502.63 21,849.42
Investment income (Loss is
28,187,188.70 33,827,292.08
listed with “-”)
Including: Investment
income on affiliated Company and 18,339,555.32 22,156,744.28
joint venture
The termination of
income recognition for financial
assets measured by amortized cost
(Loss is listed with “-”)
Net exposure hedging
income (Loss is listed with “-”)
102
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Changing income of fair
745,798.64 160,557.53
value (Loss is listed with “-”)
Loss of credit impairment
-2,107.49 639,993.94
(Loss is listed with “-”)
Losses of devaluation of
-4,998,000.00
asset (Loss is listed with “-”)
Income on disposal of
assets (Loss is listed with “-”)
II. Operating profit (Loss is listed
27,906,606.79 28,872,541.90
with “-”)
Add: Non-operating income 345,457.00 2,000.00
Less: Non-operating expense 18,810.00
III. Total Profit (Loss is listed with
28,252,063.79 28,855,731.90
“-”)
Less: Income tax 1,272,119.13 445,762.97
IV. Net profit (Net loss is listed with
26,979,944.66 28,409,968.93
“-”)
(i) continuous operating net
26,979,944.66 28,409,968.93
profit (net loss listed with ‘-”)
(ii) termination of net profit (net
loss listed with ‘-”)
V. Net after-tax of other
comprehensive income
(i) Other comprehensive income
items which will not be reclassified
subsequently to profit of loss
1.Changes of the defined
benefit plans that re-measured
2.Other comprehensive
income under equity method that
cannot be transfer to gain/loss
3.Change of fair value of
investment in other equity instrument
4.Fair value change of
enterprise's credit risk
5. Other
(ii) Other comprehensive income
items which will be reclassified
103
深圳市特力(集团)股份有限公司 2021 年年度报告全文
subsequently to profit or loss
1.Other comprehensive
income under equity method that can
transfer to gain/loss
2.Change of fair value of
other debt investment
3.Amount of financial
assets re-classify to other
comprehensive income
4.Credit impairment
provision for other debt investment
5.Cash flow hedging
reserve
6.Translation differences
arising on translation of foreign
currency financial statements
7.Other
VI. Total comprehensive income 26,979,944.66 28,409,968.93
VII. Earnings per share:
(i) Basic earnings per share
(ii) Diluted earnings per share
5. Consolidated Cash Flow Statement
In RMB
Item 2021 2020
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 569,337,075.41 564,587,333.62
services
Net increase of customer deposit
and interbank deposit
Net increase of loan from central
bank
Net increase of capital borrowed
from other financial institution
Cash received from original
insurance contract fee
104
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Net cash received from
reinsurance business
Net increase of insured savings
and investment
Cash received from interest,
commission charge and commission
Net increase of capital borrowed
Net increase of returned business
capital
Net cash received by agents in
sale and purchase of securities
Write-back of tax received
Other cash received concerning
23,982,581.39 16,119,424.38
operating activities
Subtotal of cash inflow arising from
593,319,656.80 580,706,758.00
operating activities
Cash paid for purchasing
commodities and receiving labor 353,121,840.30 316,124,308.90
service
Net increase of customer loans
and advances
Net increase of deposits in
central bank and interbank
Cash paid for original insurance
contract compensation
Net increase of capital lent
Cash paid for interest,
commission charge and commission
Cash paid for bonus of guarantee
slip
Cash paid to/for staff and
59,390,161.24 55,902,432.37
workers
Taxes paid 36,031,576.13 82,073,162.16
Other cash paid concerning
18,164,344.23 17,501,551.69
operating activities
Subtotal of cash outflow arising from
466,707,921.90 471,601,455.12
operating activities
Net cash flows arising from operating 126,611,734.90 109,105,302.88
105
深圳市特力(集团)股份有限公司 2021 年年度报告全文
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
1,539,526,090.00 1,372,569,181.67
investment
Cash received from investment
47,997,386.49 42,049,595.57
income
Net cash received from disposal
of fixed, intangible and other 495,926.60 922,066.49
long-term assets
Net cash received from disposal
of subsidiaries and other units
Other cash received concerning
1,931,753.79 50,069,962.11
investing activities
Subtotal of cash inflow from
1,589,951,156.88 1,465,610,805.84
investing activities
Cash paid for purchasing fixed,
138,364,122.34 172,620,388.10
intangible and other long-term assets
Cash paid for investment 1,582,280,000.00 1,590,780,000.00
Net increase of mortgaged loans
Net cash received from
subsidiaries and other units obtained
Other cash paid concerning
investing activities
Subtotal of cash outflow from
1,720,644,122.34 1,763,400,388.10
investing activities
Net cash flows arising from investing
-130,692,965.46 -297,789,582.26
activities
III. Cash flows arising from financing
activities:
Cash received from absorbing
7,000,000.00
investment
Including: Cash received from
absorbing minority shareholders’ 7,000,000.00
investment by subsidiaries
Cash received from loans 75,601,270.39 11,171,759.33
Other cash received concerning
24,800,000.00
financing activities
106
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Subtotal of cash inflow from
75,601,270.39 42,971,759.33
financing activities
Cash paid for settling debts
Cash paid for dividend and
12,289,486.85 21,825,829.24
profit distributing or interest paying
Including: Dividend and profit
of minority shareholder paid by 1,928,433.70 3,767,675.45
subsidiaries
Other cash paid concerning
56,273,820.35 24,800,000.00
financing activities
Subtotal of cash outflow from
68,563,307.20 46,625,829.24
financing activities
Net cash flows arising from financing
7,037,963.19 -3,654,069.91
activities
IV. Influence on cash and cash
equivalents due to fluctuation in 236,196.60 132,748.11
exchange rate
V. Net increase of cash and cash
3,192,929.23 -192,205,601.18
equivalents
Add: Balance of cash and cash
208,462,656.63 400,668,257.81
equivalents at the period -begin
VI. Balance of cash and cash
211,655,585.86 208,462,656.63
equivalents at the period -end
6. Cash Flow Statement of Parent Company
In RMB
Item 2021 2020
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 52,499,175.63 40,034,070.19
services
Write-back of tax received
Other cash received concerning
162,079,161.08 89,340,030.37
operating activities
Subtotal of cash inflow arising from
214,578,336.71 129,374,100.56
operating activities
Cash paid for purchasing
107
深圳市特力(集团)股份有限公司 2021 年年度报告全文
commodities and receiving labor
service
Cash paid to/for staff and
27,385,052.19 25,364,055.45
workers
Taxes paid 4,272,039.88 56,569,832.96
Other cash paid concerning
5,841,119.30 10,874,977.81
operating activities
Subtotal of cash outflow arising from
37,498,211.37 92,808,866.22
operating activities
Net cash flows arising from operating
177,080,125.34 36,565,234.34
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
748,000,000.00 522,000,000.00
investment
Cash received from investment
20,498,702.12 30,170,547.80
income
Net cash received from disposal
of fixed, intangible and other
long-term assets
Net cash received from disposal
103,777,307.13
of subsidiaries and other units
Other cash received concerning
910,112.34
investing activities
Subtotal of cash inflow from
873,186,121.59 552,170,547.80
investing activities
Cash paid for purchasing fixed,
115,295,464.00 94,282,308.52
intangible and other long-term assets
Cash paid for investment 975,000,000.00 618,747,000.00
Net cash received from
subsidiaries and other units obtained
Other cash paid concerning
investing activities
Subtotal of cash outflow from
1,090,295,464.00 713,029,308.52
investing activities
Net cash flows arising from investing
-217,109,342.41 -160,858,760.72
activities
III. Cash flows arising from financing
activities:
108
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Cash received from absorbing
investment
Cash received from loans 75,601,270.39 11,171,759.33
Other cash received concerning
24,800,000.00
financing activities
Subtotal of cash inflow from
75,601,270.39 35,971,759.33
financing activities
Cash paid for settling debts
Cash paid for dividend and
10,314,757.50 18,104,449.44
profit distributing or interest paying
Other cash paid concerning
24,800,000.00
financing activities
Subtotal of cash outflow from
10,314,757.50 42,904,449.44
financing activities
Net cash flows arising from financing
65,286,512.89 -6,932,690.11
activities
IV. Influence on cash and cash
equivalents due to fluctuation in 67,783.02 133,134.43
exchange rate
V. Net increase of cash and cash
25,325,078.84 -131,093,082.06
equivalents
Add: Balance of cash and cash
42,609,260.98 173,702,343.04
equivalents at the period -begin
VI. Balance of cash and cash
67,934,339.82 42,609,260.98
equivalents at the period -end
7. Statement of Changes in Owners’ Equity (Consolidated)
This Period
In RMB
2021
Owners’ equity attributable to the parent Company
Other Less Othe Tota
Prov
equity : r Reas Min l
Item Sha Capi Surp ision Reta
instrument Inve com onab ority own
re tal lus of ined Othe Subt
ntor preh le inter ers’
Pre Per
cap reser reser gene profi r otal
Ot y ensi reser ests equit
fer pet
ital ve ve ral t
her shar ve ve y
red ual
risk
sto cap es inco
109
深圳市特力(集团)股份有限公司 2021 年年度报告全文
ck ital me
sec
urit
ies
431
431, 23,8 424, 1,31 74,1 1,38
I. The ending ,05 26,4
449, 48,4 141, 0,52 21,4 4,64
balance of the 8,3 22.0
554. 85.6 893. 4,67 26.3 6,10
previous year 20. 0
51 2 34 5.47 4 1.81
00
Add:
Changes of
accounting
policy
Error
correction of
the last period
Enterpris
e combine
under the
same control
Other
431
II. The 431, 23,8 424, 1,31 74,1 1,38
,05 26,4
beginning 449, 48,4 141, 0,52 21,4 4,64
8,3 22.0
balance of the 554. 85.6 893. 4,67 26.3 6,10
20. 0
current year 51 2 34 5.47 4 1.81
00
III. Increase/
Decrease in 119, 122, -49, 72,5
2,69
the period 701, 399, 855, 43,7
7,99
(Decrease is 603. 597. 873. 23.9
4.47
listed with 51 98 99 9
“-”)
131, 131, 132,
(i) Total 1,03
020, 020, 052,
comprehensiv 1,76
764. 764. 531.
e income 6.70
38 38 08
(ii) Owners’ -50, -50,
devoted and 000, 000,
decreased 000. 000.
capital 00 00
1.Common -50, -50,
110
深圳市特力(集团)股份有限公司 2021 年年度报告全文
shares 000, 000,
invested by 000. 000.
shareholders 00 00
2. Capital
invested by
holders of
other equity
instruments
3. Amount
reckoned into
owners equity
with
share-based
payment
4. Other
-11, -8,6 -1,9 -10,
2,69
(iii) Profit 319, 21,1 28,4 549,
7,99
distribution 160. 66.4 33.7 600.
4.47
87 0 0 10
-2,6
1. Withdrawal 2,69
97,9
of surplus 7,99
94.4
reserves 4.47
7
2. Withdrawal
of general
risk
provisions
3. -8,6 -8,6 10,5
1,92
Distribution 21,1 21,1 49,6
8,43
for owners (or 66.4 66.4 00.1
3.70
shareholders) 0 0 0
4. Other
(iv) Carrying
forward
internal
owners’
equity
1. Capital
reserves
conversed to
capital (share
111
深圳市特力(集团)股份有限公司 2021 年年度报告全文
capital)
2. Surplus
reserves
conversed to
capital (share
capital)
3. Remedying
loss with
surplus
reserve
4. Carry-over
retained
earnings from
the defined
benefit plans
5. Carry-over
retained
earnings from
other
comprehensiv
e income
6. Other
(v)
Reasonable
reserve
1. Withdrawal
in the report
period
2. Usage in
the report
period
1,04 1,04
(vi) Others 0,79 0,79
3.01 3.01
431
431, 26,5 543, 1,43 24,2 1,45
IV. Balance at ,05 26,4
449, 46,4 843, 2,92 65,5 7,18
the end of the 8,3 22.0
554. 80.0 496. 4,27 52.3 9,82
period 20. 0
51 9 85 3.45 5 5.80
00
Last Period
In RMB
112
深圳市特力(集团)股份有限公司 2021 年年度报告全文
2020
Owners’ equity attributable to the parent Company
Other
equity
instrument
Pe Othe
Less
rpe r Prov Total
: Reas Mino
Sha tua Capi com Surp ision Reta owne
Item Inve onab rity
Pr rs’
re l tal preh lus of ined Othe Subt
efe ntor le intere
cap ca reser ensi reser gene profi r otal equit
rre Oth y reser sts
ital pit ve ve ve ral t y
d er shar ve
al inco risk
sto es
sec me
ck
uri
tie
s
431
I. The ending 431, 21,0 387, 1,27 1,339
,05 26,4 68,24
balance of 449, 07,4 423, 0,96 ,212,
8,3 22.0 7,700
the previous 554. 88.7 510. 5,29 996.7
20. 0 .77
year 51 3 78 6.02 9
00
Add:
Changes of
accounting
policy
Error
correction of
the last
period
Enterpri
se combine
under the
same control
Other
II. The 431
431, 21,0 387, 1,27 1,339
beginning ,05 26,4 68,24
449, 07,4 423, 0,96 ,212,
balance of 8,3 22.0 7,700
554. 88.7 510. 5,29 996.7
the current 20. 0 .77
51 3 78 6.02 9
year 00
III. Increase/ 2,84 36,7 39,5 5,873 45,43
Decrease in 0,99 18,3 59,3 ,725. 3,105
113
深圳市特力(集团)股份有限公司 2021 年年度报告全文
the period 6.89 82.5 79.4 57 .02
(Decrease is 6 5
listed with
“-”)
57,6 57,6
(i) Total 2,641 60,30
63,8 63,8
comprehensi ,401. 5,229
28.8 28.8
ve income 02 .91
9 9
(ii) Owners’
7,000 7,000
devoted and
,000. ,000.
decreased
00 00
capital
1.Common
7,000 7,000
shares
,000. ,000.
invested by
00 00
shareholders
2. Capital
invested by
holders of
other equity
instruments
3. Amount
reckoned into
owners
equity with
share-based
payment
4. Other
-20, -18,
2,84 -3,76 -21,8
(iii) Profit 945, 104,
0,99 7,675 72,12
distribution 446. 449.
6.89 .45 4.89
33 44
1. -2,8
2,84
Withdrawal 40,9
0,99
of surplus 96.8
6.89
reserves 9
2.
Withdrawal
of general
risk
provisions
114
深圳市特力(集团)股份有限公司 2021 年年度报告全文
3.
-18, -18,
Distribution -3,76 -21,8
104, 104,
for owners 7,675 72,12
449. 449.
(or .45 4.89
44 44
shareholders)
4. Other
(iv) Carrying
forward
internal
owners’
equity
1. Capital
reserves
conversed to
capital (share
capital)
2. Surplus
reserves
conversed to
capital (share
capital)
3.
Remedying
loss with
surplus
reserve
4. Carry-over
retained
earnings
from the
defined
benefit plans
5. Carry-over
retained
earnings
from other
comprehensi
ve income
6. Other
(v)
Reasonable
115
深圳市特力(集团)股份有限公司 2021 年年度报告全文
reserve
1.
Withdrawal
in the report
period
2. Usage in
the report
period
(vi) Others
431
431, 23,8 424, 1,31 1,384
IV. Balance ,05 26,4 74,12
449, 48,4 141, 0,52 ,646,
at the end of 8,3 22.0 1,426
554. 85.6 893. 4,67 101.8
the period 20. 0 .34
51 2 34 5.47 1
00
8. Statement of Changes in Owners’ Equity (Parent Company)
This Period
In RMB
2021
Other
equity instrument Other
Perp Capita Less: compr Reaso Surplu Retai
Share Total
Item etual l Invent ehensi nable s ned
capit Prefe Other owners’
capit Othe reserv ory ve reserv reserv profi
al rred equity
al r e shares incom e e t
stock
secur e
ities
187,
I. The ending 431,0 428,25 23,848
380, 1,070,54
balance of the 58,32 6,131. ,485.6
544. 3,481.05
previous year 0.00 23 2
20
Add:
Changes of
accounting
policy
Error
correction of
the last period
Other
116
深圳市特力(集团)股份有限公司 2021 年年度报告全文
II. The 187,
431,0 428,25 23,848
beginning 380, 1,070,54
58,32 6,131. ,485.6
balance of the 544. 3,481.05
0.00 23 2
current year 20
III. Increase/
15,6
Decrease in
2,697, 60,7 18,358,7
the period
994.47 83.7 78.26
(Decrease is
9
listed with “-”)
26,9
(i) Total
79,9 26,979,9
comprehensive
44.6 44.66
income
6
(ii) Owners’
devoted and
decreased
capital
1.Common
shares
invested by
shareholders
2. Capital
invested by
holders of
other equity
instruments
3. Amount
reckoned into
owners equity
with
share-based
payment
4. Other
-11,3
(iii) Profit 2,697, 19,1 -8,621,1
distribution 994.47 60.8 66.40
7
1. Withdrawal -2,69
2,697,
of surplus 7,99
994.47
reserves 4.47
2. Distribution -8,62 -8,621,1
117
深圳市特力(集团)股份有限公司 2021 年年度报告全文
for owners (or 1,16 66.40
shareholders) 6.40
3. Other
(iv) Carrying
forward
internal
owners’ equity
1. Capital
reserves
conversed to
capital (share
capital)
2. Surplus
reserves
conversed to
capital (share
capital)
3. Remedying
loss with
surplus reserve
4. Carry-over
retained
earnings from
the defined
benefit plans
5. Carry-over
retained
earnings from
other
comprehensive
income
6. Other
(v) Reasonable
reserve
1. Withdrawal
in the report
period
2. Usage in the
report period
(vi) Others
118
深圳市特力(集团)股份有限公司 2021 年年度报告全文
203,
IV. Balance at 431,0 428,25 26,546
041, 1,088,90
the end of the 58,32 6,131. ,480.0
327. 2,259.31
period 0.00 23 9
99
Last period
In RMB
2020
Other
equity instrument
Other
Perp
Shar Capit Less: compr Surpl
Pref etual Reason Total
Item e al Invent ehensi us Retaine
erre capit able Other owners’
capit Othe reserv ory ve reserv d profit
d al reserve equity
al r e shares incom e
stoc secu
e
k ritie
s
431,
I. The ending 428,2 21,00 179,91
058, 1,060,23
balance of the 56,13 7,488 6,021.6
320. 7,961.56
previous year 1.23 .73 0
00
Add:
Changes of
accounting
policy
Error
correction of
the last
period
Other
II. The 431,
428,2 21,00 179,91
beginning 058, 1,060,23
56,13 7,488 6,021.6
balance of the 320. 7,961.56
1.23 .73 0
current year 00
III. Increase/
Decrease in
2,840
the period 7,464,5 10,305,5
,996.
(Decrease is 22.60 19.49
89
listed with
“-”)
(i) Total 28,409, 28,409,9
comprehensiv 968.93 68.93
119
深圳市特力(集团)股份有限公司 2021 年年度报告全文
e income
(ii) Owners’
devoted and
decreased
capital
1.Common
shares
invested by
shareholders
2. Capital
invested by
holders of
other equity
instruments
3. Amount
reckoned into
owners equity
with
share-based
payment
4. Other
2,840
(iii) Profit -20,945 -18,104,4
,996.
distribution ,446.33 49.44
89
1.
2,840
Withdrawal -2,840,
,996.
of surplus 996.89
89
reserves
2.
Distribution
-18,104 -18,104,4
for owners
,449.44 49.44
(or
shareholders)
3. Other
(iv) Carrying
forward
internal
owners’
equity
1. Capital
reserves
120
深圳市特力(集团)股份有限公司 2021 年年度报告全文
conversed to
capital (share
capital)
2. Surplus
reserves
conversed to
capital (share
capital)
3. Remedying
loss with
surplus
reserve
4. Carry-over
retained
earnings from
the defined
benefit plans
5. Carry-over
retained
earnings from
other
comprehensiv
e income
6. Other
(v)
Reasonable
reserve
1.
Withdrawal
in the report
period
2. Usage in
the report
period
(vi) Others
431,
IV. Balance at 428,2 23,84 187,38
058, 1,070,54
the end of the 56,13 8,485 0,544.2
320. 3,481.05
period 1.23 .62 0
00
Shenzhen Tellus Holding Co., Ltd.
121
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Notes to the Financial Statements
For the year ended 31 December 2021
（All amounts are expressed in Chinese Yuan (“CNY”) unless otherwise stated）
Note 1. BASIC INFORMATION ABOUT THE COMPANY
1.1 Corporate Information
Shenzhen Tellus Holding Co., Ltd. (hereinafter referred to as “ the Company ” ) was developed from the Shenzhen Machinery
Industry Co., Ltd, which was registered in Shenzhen Administration for Industry and Commerce on November 10, 1986. The
company now holds a business license with a unified social credit code of 91440300192192210U, with a registered capital of CNY
431,058,320.00 and a total of 431,058,320.00 shares, including 392,778,320.00 shares A and 38,280,000.00 shares B.
In 1993, with the approval of the reply on the reorganization of Shenzhen Tellus Machinery Co., Ltd. into a public company limited
by shares (Shen Fu Ban Fu [1992] No. 1850) issued by the General Office of Shenzhen Municipal People's Government and the reply
on the issuance of shares by Shenzhen Tellus electromechanical Co., Ltd. (Shen Ren Yin Fu Zi [1993] No. 092) issued by the
Shenzhen Special Economic Zone Branch of the people's Bank of China, the company issued shares for the first time and was
reorganized into a public company limited by shares. At this moment, the whole share capital is 166.88 million shares, including the
original 120.9 million shares with 45.98 million new shares. The new share is divided into two parts: A Share - 25.98 million shares,
B Share - 20.00 million shares. The par value of the company's shares is CNY 1 per share. On June 21, 1993, the company's shares
were listed and traded in Shenzhen Stock Exchange.
According to the decision made by general meeting of shareholders in 1993, the Company distributed a 2 for 10 bonus shares with
cash dividend of CNY 0.5. After that, the whole capital changed into CNY 200,256,000.00.
On 28 May 1995, the Group shareholder meeting agreed about plan of distributing bonus and increasing capital. On the basis of
200,256,000 shares in the end of 1994, the Group distributed 0.5 of 10 shares, and give CNY 0.5 from every increasing 0.5 share
capital. After that, the Group’s share capital increased to CNY 220,281,600.00.
According to the 19th special meeting of the 7th Board Meeting on April 21st,2015, and the 4th stockholders’ meeting on June 3rd,
2015, the Company private issued CNY ordinary shares (A shares) 77,000,000.00 shares to Shenzhen Special Economic Zone
Development Group Co., Ltd., Ltd and Shenzhen Yuanzhifuhai jewelry industry investment enterprise (limited partnership). After
that, the Company’s capital increased to CNY 297,281,600.00.
According to the decision made by general meeting of shareholders in 2018, the Company distributed a 4.5 for 10 bonus shares. The
whole share capital changed into CNY 431,058,320.00.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
The main business activities of the company: automobile sales, automobile maintenance and testing, jewelry operation, property
leasing and services, etc.
The financial statements were approved and authorized for issue, upon the resolution of the Company’s Board of Directors meeting
on April 7,2022.
1.2 Scope of Consolidation
(a) Incorporated subsidiaries of the Company
At 31 December 2021, subsidiaries of the Company are as follows:
Proportion of
Sequence Abbreviation of Shareholding (or similar
Name of Subsidiaries
Number Subsidiaries equity interest) (%)
Direct Indirect
深圳市特力新永通汽车发展有限
公 司 (Shenzhen Tellus Xinyongtong
1 5.00 95.00
Xinyongtong Automobile Automobile
Development Co., Ltd.*)
深圳市宝安石泉实业有限公司
2 (Shenzhen Bao ’ an Shiquan Bao’an Shiquan 100.00
Industrial Co., Ltd.*)
深圳市特发特力房地产有限公司
SDG Tellus Real
3 (Shenzhen SDG Tellus Real Estate 100.00
Estate
Co., Ltd.*)
深圳市特力创盈科技有限公司
Chuangying
4 (Shenzhen Tellus Chuangying 100.00
Technology
Technology Co., Ltd.*)
深圳市新永通机动车检测设备有
限 公 司 (Shenzhen Xinyongtong Xinyongtong
5 51.00
Auto Vehicle Inspection Equipment Inspection
Co., Ltd. *)
深圳市汽车工业贸易有限公司
Automobile Industry
6 (Shenzhen Automobile Industry and 100.00
and Trade
Trade Co., Ltd.*)
深圳市汽车工业供销公司 Automobile Industry
7 100.00
(Shenzhen Automobile Industry Supply and
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Proportion of
Sequence Abbreviation of Shareholding (or similar
Name of Subsidiaries
Number Subsidiaries equity interest) (%)
Direct Indirect
Supply and Marketing Co., Ltd.*) Marketing
深圳特发华日汽车企业有限公司
8 (Shenzhen SDG Huari Automobile Huari Automobile 60.00
Enterprise Co., Ltd.*)
深圳市华日安信汽车检测有限公
Anxin Automobile
9 司 (Shenzhen Huari Anxin 100.00
Inspection
Automobile Inspection Co., Ltd.*)
深圳市中天实业有限公司
10 (Shenzhen Zhongtian Industrial Co., Zhongtian 100.00
Ltd.*)
深圳市华日丰田汽车销售服务有
11 限 公 司 (Shenzhen Huari Toyota Huari Toyota 60.00
Auto Sales Service Co., Ltd.*)
深圳市特力宝库供应链科技有限
公 司 (Shenzhen Tellus Baoku
12 Tellus Baoku 100.00
Supply Chain Technology Co.,
Ltd.*)
深圳珠宝产业服务有限公司
13 (Shenzhen Jewelry Industry Service Shenzhen Jewelry 65.00
Co. Ltd.*)
上海泛粤钻石有限公司 (Shanghai
14 Shanghai Fanyue 100.00
fanyue diamond Co., Ltd. *)
For details of the subsidiaries mentioned above, please refer to Note 7 INTEREST IN OTHER ENTITIES
(b) Change of the scope of consolidation
The newly increased subsidiaries during the reporting period are as follows:
Sequence Abbreviation of Reporting Period Reason of
Name of Subsidiaries
Number Subsidiaries Incorporation
上海泛粤钻石有限公司 Newly
1 Shanghai Fanyue 2021
(Shanghai fanyue established
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
diamond Co., Ltd. *)
he newly decreased subsidiaries during the reporting period are as follows:
Sequence Abbreviation of Reporting Period Reason of
Name of Subsidiaries
Number Subsidiaries Incorporation
四川特力珠宝科技有限
公 司 (Sichuan Tellus Liquidation &
1 Sichuan Jewelry 2021
Jewelry Technology Co., Cancellation
Ltd. *)
安徽特力星光珠宝投资
有 限 公 司 (Anhui Tellus Liquidation &
2 Tellus Seon 2021
Seon Jewelry Investment Cancellation
Co., Ltd. *)
安徽特力星光金尊珠宝
有 限 公 司 (Anhui Tellus Liquidation &
3 Tellus Seon Jinzun 2021
Seon Jinzun Jewelry Co., Cancellation
Ltd*)
For the details of the change of consolidation scope, please refer to Note 6 CHANGES IN THE SCOPE OF CONSOLIDATION.
Note 2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
2.1 Basis of Preparation
Based on going concern, according to actually occurred transactions and events, the Company prepares its financial statements in
accordance with the Accounting Standards for Business Enterprises – Basic standards and concrete accounting standards,
Accounting Standards for Business Enterprises – Application Guidelines, Accounting Standards for Business Enterprises –
Interpretations and other relevant provisions (collectively known as “ Accounting Standards for Business Enterprises, issued by
Ministry of Finance of PRC”).
2.2 Going Concern
The Company has assessed its ability to continually operate for the next twelve months from the end of the reporting period, and no
any matters that may result in doubt on its ability as a going concern were noted. Therefore, it is reasonable for the Company to
prepare financial statements on the going concern basis.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Note 3. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES
The following significant accounting policies and accounting estimates of the Company are formulated in accordance with the
Accounting Standards for Business Enterprises. Businesses not mentioned are complied with relevant accounting policies of the
Accounting Standards for Business Enterprises.
3.1 Statement of Compliance with the Accounting Standards for Business Enterprises
The Company prepares its financial statements in accordance with the requirements of the Accounting Standards for Business
Enterprises, truly and completely reflecting the Company ’ s financial position as at 31 December 2020, and its operating results,
changes in shareholders' equity, cash flows and other related information for the year then ended.
3.2 Accounting Period
The accounting year of the Company is from January 1 to December 31 in calendar year.
3.3 Operating Cycle
The normal operating cycle of the Company is twelve months.
3.4 Functional Currency
The Company takes Chinese Yuan (“CNY”) as the functional currency.
The Company’ overseas subsidiaries choose the currency of the primary economic environment in which the subsidiaries operate as
the functional currency.
3.5 Accounting Treatment of Business Combinations under and not under Common Control
(a) Business combinations under common control
The assets and liabilities that the Company obtains in a business combination under common control shall be measured at their
carrying amount of the acquired entity at the combination date. If the accounting policy adopted by the acquired entity is different
from that adopted by the acquiring entity, the acquiring entity shall, according to accounting policy it adopts, adjust the relevant items
in the financial statements of the acquired party based on the principal of materiality. As for the difference between the carrying
amount of the net assets obtained by the acquiring entity and the carrying amount of the consideration paid by it, the capital reserve
(capital premium or share premium) shall be adjusted. If the capital reserve (capital premium or share premium) is not sufficient to
absorb the difference, any excess shall be adjusted against retained earnings.
For the accounting treatment of business combination under common control by step acquisitions, please refer to Note 3.6 (6).
(b) Business combinations not under common control
The assets and liabilities that the Company obtains in a business combination not under common control shall be measured at their
fair value at the acquisition date. If the accounting policy adopted by the acquired entity is different from that adopted by the
126
深圳市特力(集团)股份有限公司 2021 年年度报告全文
acquiring entity, the acquiring entity shall, according to accounting policy it adopts, adjust the relevant items in the financial
statements of the acquired entity based on the principal of materiality. The acquiring entity shall recognize the positive balance
between the combination costs and the fair value of the identifiable net assets it obtains from the acquired entity as goodwill. The
acquiring entity shall, pursuant to the following provisions, treat the negative balance between the combination costs and the fair
value of the identifiable net assets it obtains from the acquired entity:
(i) It shall review the measurement of the fair values of the identifiable assets, liabilities and contingent liabilities it obtains from the
acquired entity as well as the combination costs;
(ii) If, after the review, the combination costs are still less than the fair value of the identifiable net assets it obtains from the acquired
entity, the balance shall be recognized in profit or loss of the reporting period.
For the accounting treatment of business combination under the same control by step acquisitions, please refer to Note 3.6 (f).
(c) Treatment of business combination related costs
The intermediary costs such as audit, legal services and valuation consulting and other related management costs that are directly
attributable to the business combination shall be charged in profit or loss in the period in which they are incurred. The costs to issue
equity or debt securities for the consideration of business combination shall be recorded as a part of the value of the respect equity or
debt securities upon initial recognition.
3.6 Method of Preparing the Consolidated Financial Statements
(a) Scope of consolidation
The scope of consolidated financial statements shall be determined on the basis of control. It not only includes subsidiaries
determined based on voting power (or similar) or other arrangement, but also structured entities under one or several contract
arrangements.
Control exists when the Company has all the following: power over the investee; exposure, or rights to variable returns from the
Company’s involvement with the investee; and the ability to use its power over the investee to affect the amount of the investor’s
returns. Subsidiaries are the entities that controlled by the Company (including enterprise, a divisible part of the investee, and
structured entity controlled by the enterprise). A structured entity (sometimes called a Special Purpose Entity) is an entity that has
been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity.
(b) Special requirement as the parent Company is an investment entity
If the parent Company is an investment entity, it should measure its investments in particular subsidiaries as financial assets at fair
value through profit or loss instead of consolidating those subsidiaries in its consolidated and separate financial statements. However,
as an exception to this requirement, if a subsidiary provides investment-related services or activities to the investment entity, it should
127
深圳市特力(集团)股份有限公司 2021 年年度报告全文
be consolidated.
The parent Company is defined as investment entity when meets following conditions:
a. Obtains funds from one or more investors for the purpose of providing those investors with investment management services;
b. Commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income
or both; and
c. Measures and evaluates the performance of substantially all of its investments on a fair value basis.
If the parent Company becomes an investment entity, it shall cease to consolidate its subsidiaries at the date of the change in status,
except for any subsidiary which provides investment-related services or activities to the investment entity shall be continued to be
consolidated. The deconsolidation of subsidiaries is accounted for as though the investment entity partially disposed subsidiaries
without loss of control.
When the parent Company previously classified as an investment entity ceases to be an investment entity, subsidiary that was
previously measured at fair value through profit or loss shall be included in the scope of consolidated financial statements at the date
of the change in status. The fair value of the subsidiary at the date of change represents the transferred deemed consideration in
accordance with the accounting for business combination not under common control.
(c) Method of preparing the consolidated financial statements
The consolidated financial statements shall be prepared by the Company based on the financial statements of the Company and its
subsidiaries, and using other related information.
When preparing consolidated financial statements, the Company shall consider the entire group as an accounting entity, adopt
uniform accounting policies and apply the requirements of Accounting Standard for Business Enterprises related to recognition,
measurement and presentation. The consolidated financial statements shall reflect the overall financial position, operating results and
cash flows of the group.
(i) Like items of assets, liabilities, equity, income, expenses and cash flows of the parent are combined with those of the subsidiaries.
(ii) The carrying amount of the parent’ investment in each subsidiary is eliminated (off-set) against the parent’ portion of equity of
each subsidiary.
(iii) Eliminate the impact of intragroup transactions between the Company and the subsidiaries or between subsidiaries, and when
intragroup transactions indicate an impairment of related assets, the losses shall be recognized in full.
(iv) Make adjustments to special transactions from the perspective of the group.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
(d) Method of preparation of the consolidated financial statements when subsidiaries are acquired or disposed in the
reporting period
(i) Acquisition of subsidiaries or business
A.Subsidiaries or business acquired through business combination under common control
When preparing consolidated statements of financial position, the opening balance of the consolidated balance sheet shall be adjusted.
Related items of comparative financial statements shall be adjusted as well, deeming that the combined entity has always existed ever
since the ultimate controlling party began to control.
Incomes, expenses and profits of the subsidiary incurred from the beginning of the reporting period to the end of the reporting period
shall be included into the consolidated statement of profit or loss. Related items of comparative financial statements shall be adjusted
as well, deeming that the combined entity has always existed ever since the ultimate controlling party began to control.
Cash flows from the beginning of the reporting period to the end of the reporting period shall be included into the consolidated
statement of cash flows. Related items of comparative financial statements shall be adjusted as well, deeming that the combined
entity has always existed ever since the ultimate controlling party began to control.
B.Subsidiaries or business acquired through business combination not under common control
When preparing the consolidated statements of financial position, the opening balance of the consolidated statements of financial
position shall not be adjusted.
Incomes, expenses and profits of the subsidiary incurred from the acquisition date to the end of the reporting period shall be included
into the consolidated statement of profit or loss.
Cash flows from the acquisition date to the end of the reporting period shall be included into the consolidated statement of cash
flows.
(ii) Disposal of subsidiaries or business
When preparing the consolidated statements of financial position, the opening balance of the consolidated statements of financial
position shall not be adjusted.
Incomes, expenses and profits incurred from the beginning of the subsidiary to the disposal date shall be included into the
consolidated statement of profit or loss.
Cash flows from the beginning of the subsidiary to the disposal date shall be included into the consolidated statement of cash flows.
(e) Special consideration in consolidation elimination
(i) Long-term equity investment held by the subsidiaries to the Company shall be recognized as treasury stock of the Company,
which is offset with the owner’s equity, represented as “treasury stock” under “owner’s equity” in the consolidated statement
129
深圳市特力(集团)股份有限公司 2021 年年度报告全文
of financial position.
Long-term equity investment held by subsidiaries between each other is accounted for taking long-term equity investment held by the
Company to its subsidiaries as reference. That is, the long-term equity investment is eliminated (off- set) against the portion of the
corresponding subsidiary’s equity.
(ii) Due to not belonging to paid-in capital (or share capital) and capital reserve, and being different from retained earnings and
undistributed profit, “Specific reserves” and “General risk provision” shall be recovered based on the proportion attributable to
owners of the parent Company after long-term equity investment to the subsidiaries is eliminated with the subsidiaries’ equity.
(iii) If temporary timing difference between the book value of the assets and liabilities in the consolidated statement of financial
position and their tax basis is generated as a result of elimination of unrealized inter-Company transaction profit or loss, deferred tax
assets of deferred tax liabilities shall be recognized, and income tax expense in the consolidated statement of profit or loss shall be
adjusted simultaneously, excluding deferred taxes related to transactions or events directly recognized in owner’s equity or business
combination.
(iv) Unrealised inter-Company transactions profit or loss generated from the Company selling assets to its subsidiaries shall be
eliminated against “net profit attributed to the owners of the parent Company” in full. Unrealized inter-Company transactions profit
or loss generated from the subsidiaries selling assets to the Company shall be eliminated between “net profit attributed to the owners
of the parent Company” and “non-controlling interests” pursuant to the proportion of the Company in the related subsidiaries.
Unrealized inter-Company transactions profit or loss generated from the assets sales between the subsidiaries shall be eliminated
between “net profit attributed to the owners of the parent Company” and “non-controlling interests” pursuant to the proportion
of the Company in the selling subsidiaries.
(v) If loss attributed to the minority shareholders of a subsidiary in current period is more than the proportion of non-controlling
interest in this subsidiary at the beginning of the period, non-controlling interest is still to be written down.
(f) Accounting for Special Transactions
(i) Purchasing of non-controlling interests
Where, the Company purchases non-controlling interests of its subsidiary, in the separate financial statements of the Company, the
cost of the long-term equity investment obtained in purchasing non-controlling interests is measured at the fair value of the
consideration paid. In the consolidated financial statements, difference between the cost of the long-term equity investment newly
obtained in purchasing non-controlling interests and share of the subsidiary’ net assets from the acquisition date or combination date
continuingly calculated pursuant to the newly acquired shareholding proportion shall be adjusted into capital reserve (capital
premium or share premium). If capital reserve is not enough to be offset, surplus reserve and undistributed profit shall be offset in
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
turn.
(ii) Gaining control over the subsidiary in stages through multiple transactions
A.Business combination under common control in stages through multiple transactions
On the combination date, in the separate financial statement, initial cost of the long-term equity investment is determined according
to the share of carrying amount of the acquiree’ net assets in the ultimate controlling entity’ consolidated financial statements after
combination. The difference between the initial cost of the long-term equity investment and the carrying amount of the long -term
investment held prior of control plus book value of additional consideration paid at acquisition date is adjusted into capital reserve
(capital premium or share premium). If the capital reserve is not enough to absorb the difference, any excess shall be adjusted against
surplus reserve and undistributed profit in turn.
In the consolidated financial statements, the assets and liabilities acquired during the combination should be recognized at their
carrying amount in the ultimate controlling entity’s consolidated financial statements on the combination date unless any adjustment
is resulted from the difference in accounting policies. The difference between the carrying amount of the investment held prior of
control plus book value of additional consideration paid on the acquisition date and the net assets acquired through the combination is
adjusted into capital reserve (capital premium or share premium). If the capital reserve is not enough to absorb the difference, any
excess shall be adjusted against retained earnings.
If the acquiring entity holds equity investment in the acquired entity prior to the combination date and the equity investment is
accounted for under the equity method, related profit or loss, other comprehensive income and other changes in equity which have
been recognized during the period from the later of the date of the Company obtaining original equity interest and the date of both the
acquirer and the acquiree under common control of the same ultimate controlling party to the combination date should be offset
against the opening balance of retained earnings at the comparative financial statements period respectively.
B.Business combination not under common control in stages through multiple transactions
On the consolidation date, in the separate financial statements, the initial cost of long-term equity investment is determined according
to the carrying amount of the original long-term investment plus the cost of new investment.
In the consolidated financial statements, the equity interest of the acquired entity held prior to the acquisition date shall be
re-measured at its fair value on the acquisition date. Difference between the fair value of the equity interest and its book value is
recognized as investment income. The other comprehensive income related to the equity interest held prior to the acquisition date
calculated through equity method, should be transferred to current investment income of the acquisition period, excluding other
comprehensive income resulted from the remeasurement of the net assets or net liabilities under defined benefit plan. The Company
shall disclose acquisition-date fair value of the equity interest held prior to the acquisition date, and the related gains or losses due to
the remeasurement based on fair value.
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(iii) Disposal of investment in subsidiaries without a loss of control
For partial disposal of the long-term equity investment in the subsidiaries without a loss of control, when the Company prepares
consolidated financial statements, difference between consideration received from the disposal and the corresponding share of
subsidiary’s net assets cumulatively calculated from the acquisition date or combination date shall be adjusted into capital reserve
(capital premium or share premium). If the capital reserve is not enough to absorb the difference, any excess shall be offset against
retained earnings.
(iv) Disposal of investment in subsidiaries with a loss of control
A. Disposal through one transaction
If the Company loses control in an investee through partial disposal of the equity investment, when the consolidated financial
statements are prepared, the retained equity interest should be re-measured at fair value at the date of loss of control. The difference
between i) the fair value of consideration received from the disposal plus non-controlling interest retained; ii) share of the former
subsidiary’s net assets cumulatively calculated from the acquisition date or combination date according to the original proportion of
equity interest, shall be recognized in current investment income when control is lost.
Moreover, other comprehensive income and other changes in equity related to the equity investment in the former subsidiary shall be
transferred into current investment income when control is lost, excluding other comprehensive income resulted from the
remeasurement of the movement of net assets or net liabilities under defined benefit plan.
B. Disposal in stages
In the consolidated financial statements, whether the transactions should be accounted for as “a single transaction” needs to be
decided firstly.
If the disposal in stages should not be classified as “a single transaction”, in the separate financial statements, for transactions prior
of the date of loss of control, carrying amount of each disposal of long-term equity investment need to be recognized, and the
difference between consideration received and the carrying amount of long-term equity investment corresponding to the equity
interest disposed should be recognized in current investment income; in the consolidated financial statements, the disposal
transaction should be accounted for according to related policy in “Disposal of long-term equity investment in subsidiaries without a
loss of control”.
If the disposal in stages should be classified as “ a single transaction ” , these transactions should be accounted for as a single
transaction of disposal of subsidiary resulting in loss of control. In the separate financial statements, for each transaction prior of the
date of loss of control, difference between consideration received and the carrying amount of long-term equity investment
corresponding to the equity interest disposed should be recognized as other comprehensive income firstly, and transferred to profit or
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loss as a whole when control is lost; in the consolidated financial statements, for each transaction prior of the date of loss of control,
difference between consideration received and proportion of the subsidiary’s net assets corresponding to the equity interest disposed
should be recognized in profit or loss as a whole when control is lost.
In considering of the terms and conditions of the transactions as well as their economic impact, the presence of one or more of the
following indicators may lead to account for multiple transactions as a single transaction:
(a) The transactions are entered into simultaneously or in contemplation of one another.
(b) The transactions form a single transaction designed to achieve an overall commercial effect.
(c) The occurrence of one transaction depends on the occurrence of at least one other transaction.
(d) One transaction, when considered on its own merits, does not make economic sense, but when considered together with the other
transaction or transactions would be considered economically justifiable.
(iii) Diluting equity share of parent Company in its subsidiaries due to additional capital injection by the subsidiaries’ minority
shareholders.
Other shareholders (minority shareholders) of the subsidiaries inject additional capital in the subsidiaries, which resulted in the
dilution of equity interest of parent Company in these subsidiaries. In the consolidated financial statements, difference between share
of the corresponding subsidiaries’ net assets calculated based on the parent’s equity interest before and after the capital injection
shall be adjusted into capital reserve (capital premium or share premium). If the capital reserve is not enough to absorb the difference,
any excess shall be adjusted against retained earnings.
3.7 Classification of Joint Arrangements and Accounting for Joint Operation
A joint arrangement is an arrangement of which two or more parties have joint control. Joint arrangement of the Company is
classified as either a joint operation or a joint venture.
(a) Joint operation
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement.
The Company shall recognize the following items in relation to shared interest in a joint operation, and account for them in
accordance with relevant accounting standards of the Accounting Standards for Business Enterprises:
(i) its assets, including its share of any assets held jointly;
(ii) its liabilities, including its share of any liabilities incurred jointly;
(iii) its revenue from the sale of its share of the output arising from the joint operation;
(iv) its share of the revenue from the sale of the output by the joint operation; and
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(v) its expenses, including its share of any expenses incurred jointly.
(b) Joint venture
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of
the arrangement.
The Company accounts for its investment in the joint venture by applying the equity method of long-term equity investment.
3.8 Cash and Cash Equivalents
Cash comprises cash on hand and deposits that can be readily withdrawn on demand. Cash equivalents include short-term (generally
within three months of maturity at acquisition), highly liquid investments that are readily convertible into known amounts of cash and
which are subject to an insignificant risk of changes in value.
3.9 Foreign Currency Transactions and Translation of Foreign Currency Financial
Statements
(a) Determination of the exchange rate for foreign currency transactions
At the time of initial recognition of a foreign currency transaction, the amount in the foreign currency shall be translated into the
amount in the functional currency at the spot exchange rate of the transaction date, or at an exchange rate which is determined
through a systematic and reasonable method and is approximate to the spot exchange rate of the transaction date (hereinafter referred
to as the approximate exchange rate).
(b) Translation of monetary items denominated in foreign currency on the balance sheet date
The foreign currency monetary items shall be translated at the spot exchange rate on the balance sheet date. The balance of exchange
arising from the difference between the spot exchange rate on the balance sheet date and the spot exchange rate at the time of initial
recognition or prior to the balance sheet date shall be recorded into the profits and losses at the current period. The foreign currency
non-monetary items measured at the historical cost shall still be translated at the spot exchange rate on the transaction date; for the
foreign currency non-monetary items restated to a fair value measurement, shall be translated into the at the spot exchange rate at the
date when the fair value was determined, the difference between the restated functional currency amount and the original functional
currency amount shall be recorded into the profits and losses at the current period.
(c) Translation of foreign currency financial statements
Before translating the financial statements of foreign operations, the accounting period and accounting policy shall be adjusted so as
to conform to the Company. The adjusted foreign operation financial statements denominated in foreign currency (other than
functional currency) shall be translated in accordance with the following method:
(i) The asset and liability items in the statement of financial position shall be translated at the spot exchange rates at the date of
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that statement of financial position.. The owners’ equity items except undistributed profit shall be translated at the spot exchange
rates when they are incurred.
(ii) The income and expense items in the statement of profit and other comprehensive income shall be translated at the spot
exchange rates or approximate exchange rate at the date of transaction. Foreign currency cash flows and cash flows of foreign
subsidiaries shall be translated at the spot exchange rate or approximate exchange rate when the cash flows are incurred. The effect of
exchange rate changes on cash is presented separately in the statement of cash flows as an adjustment item.
(iv) The differences arising from the translation of foreign currency financial statements shall be presented separately as “ other
comprehensive income” under the owners’ equity items of the consolidated statement of financial position.
When disposing a foreign operation involving loss of control, the cumulative amount of the exchange differences relating to that
foreign operation recognized under other comprehensive income in the statement of financial position, shall be reclassified into
current profit or loss according to the proportion disposed.
3.10 Financial Instruments
Financial instrument is any contract which gives rise to both a financial asset of one entity and a financial liability or equity
instrument of another entity.
(a) Recognition and derecognition of financial instrument
A financial asset or a financial liability should be recognized in the statement of financial position when, and only when, an entity
becomes party to the contractual provisions of the instrument.
A financial asset can only be derecognized when meets one of the following conditions:
(i) The rights to the contractual cash flows from a financial asset expire
(ii) The financial asset has been transferred and meets one of the following derecognition conditions:
Financial liabilities (or part thereof) are derecognized only when the liability is extinguished—i.e., when the obligation specified in
the contract is discharged or cancelled or expires. An exchange of the Company (borrower) and lender of debt instruments that carry
significantly different terms or a substantial modification of the terms of an existing liability are both accounted for as an
extinguishment of the original financial liability and the recognition of a new financial liability.
Purchase or sale of financial assets in a regular-way shall be recognized and derecognized using trade date accounting. A regular-way
purchase or sale of financial assets is a transaction under a contract whose terms require delivery of the asset within the time frame
established generally by regulations or convention in the market place concerned. Trade date is the date at which the entity commits
itself to purchase or sell an asset.
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(b) Classification and measurement of financial assets
At initial recognition, the Company classified its financial asset based on both the business model for managing the financial asset
and the contractual cash flow characteristics of the financial asset: financial asset at amortized cost, financial asset at fair value
through profit or loss (FVTPL) and financial asset at fair value through other comprehensive income (FVTOCI). Reclassification of
financial assets is permitted if, and only if, the objective of the entity’s business model for managing those financial assets changes.
In this circumstance, all affected financial assets shall be reclassified on the first day of the first reporting period after the changes in
business model; Otherwise, the financial assets cannot be reclassified after initial recognition.
Financial assets shall be measured at initial recognition at fair value. For financial assets measured at FVTPL, transaction costs are
recognized in current profit or loss. For financial assets not measured at FVTPL, transaction costs should be included in the initial
measurement. Notes receivable or accounts receivable that arise from sales of goods or rendering of services are initially measured at
the transaction price defined in the accounting standard of revenue where the transaction does not include a significant financing
component.
Subsequent measurement of financial assets will be based on their categories:
(i)Financial asset at amortized cost
The financial asset at amortized cost category of classification applies when both the following conditions are met: the financial asset
is held within the business model whose objective is to hold financial assets in order to collect contractual cash flows, and the
contractual term of the financial asset gives rise on specified dates to cash flows that are solely payment of principal and interest on
the principal amount outstanding. These financial assets are subsequently measured at amortized cost by adopting the effective
interest rate method. Any gain or loss arising from derecognition according to the amortization under effective interest rate method or
impairment are recognized in current profit or loss.
(ii)Financial asset at fair value through other comprehensive income (FVTOCI)
The financial asset at FVTOCI category of classification applies when both the following conditions are met: the financial asset is
held within the business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and
the contractual term of the financial asset gives rise on specified dates to cash flows that are solely payment of principle and interest
on the principal amount outstanding. All changes in fair value are recognized in other comprehensive income except for gain or loss
arising from impairment or exchange differences, which should be recognized in current profit or loss. At derecognition, cumulative
gain or loss previously recognized under OCI is reclassified to current profit or loss. However, interest income calculated based on
the effective interest rate is included in current profit or loss.
The Company make an irrevocable decision to designate part of non-trading equity instrument investments as measured through
FVTOCI. All changes in fair value are recognized in other comprehensive income except for dividend income recognized in current
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profit or loss. At derecognition, cumulative gain or loss are reclassified to retained earnings.
(iii)Financial asset at fair value through profit or loss (FVTPL)
Financial asset except for above mentioned financial asset at amortized cost or financial asset at fair value through other
comprehensive income (FVTOCI), should be classified as financial asset at fair value through profit or loss (FVTPL). These financial
assets should be subsequently measured at fair value. All the changes in fair value are included in current profit or loss.
(c) Classification and measurement of financial liabilities
The Company classified the financial liabilities as financial liabilities at fair value through profit or loss (FVTPL), loan commitments
at a below-market interest rate and financial guarantee contracts and financial asset at amortized cost.
Subsequent measurement of financial assets will be based on the classification:
(i)Financial liabilities at fair value through profit or loss (FVTPL)
Held-for-trading financial liabilities (including derivatives that are financial liabilities) and financial liabilities designated at FVTPL
are classified as financial liabilities at FVTP. After initial recognition, any gain or loss (including interest expense) are recognized in
current profit or loss except for those hedge accounting is applied. For financial liability that is designated as at FVTPL, changes in
the fair value of the financial liability that is attributable to changes in the own credit risk of the issuer shall be presented in other
comprehensive income. At derecognition, cumulative gain or loss previously recognized under OCI is reclassified to retained
earnings.
(ii)Loan commitments and financial guarantee contracts
Loan commitment is a commitment by the Company to provide a loan to customer under specified contract terms. The provision of
impairment losses of loan commitments shall be recognized based on expected credit losses model.
Financial guarantee contract is a contract that requires the Company to make specified payments to reimburse the holder for a loss it
incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt
instrument. Financial guarantee contracts liability shall be subsequently measured at the higher of: The amount of the loss allowance
recognized according to the impairment principles of financial instruments; and the amount initially recognized less the cumulative
amount of income recognized in accordance with the revenue principles.
(iii)Financial liabilities at amortized cost
After initial recognition, the Company measured other financial liabilities at amortized cost using the effective interest method.
Except for special situation, financial liabilities and equity instrument should be classified in accordance with the following
principles:
(i) If the Company has no unconditional right to avoid delivering cash or another financial instrument to fulfill a contractual
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obligation, this contractual obligation meet the definition of financial liabilities. Some financial instruments do not comprise terms
and conditions related to obligations of delivering cash or another financial instrument explicitly, they may include contractual
obligation indirectly through other terms and conditions.
(ii) If a financial instrument must or may be settled in the Company's own equity instruments, it should be considered that the
Company ’ s own equity instruments are alternatives of cash or another financial instrument, or to entitle the holder of the equity
instruments to sharing the remaining rights over the net assets of the issuer. If the former is the case, the instrument is a liability of
the issuer; otherwise, it is an equity instrument of the issuer. Under some circumstances, it is regulated in the contract that the
financial instrument must or may be settled in the Company's own equity instruments, where, amount of contractual rights and
obligations are calculated by multiplying the number of the equity instruments to be available or delivered by its fair value upon
settlement. Such contracts shall be classified as financial liabilities, regardless that the amount of contractual rights and liabilities is
fixed, or fluctuate totally or partially with variables other than market price of the entity’s own equity instruments (such as interest
rate, price of some kind of goods or some kind of financial instrument).
(d) Derivatives and embedded derivatives
At initial recognition, derivatives shall be measured at fair value at the date of derivative contracts are signed and subsequently
measured at fair value. The derivative with a positive fair value shall be recognized as an asset, and with a negative fair value shall be
recognized as a liability.
Gains or losses arising from the changes in fair value of derivatives shall be recognized directly into current profit or loss except for
the effective portion of cash flow hedges which shall be recognized in other comprehensive income and reclassified into current
profit or loss when the hedged items affect profit or loss.
An embedded derivative is a component of a hybrid contract with a financial asset as a host, the Company shall apply the
requirements of financial asset classification to the entire hybrid contract. If a host that is not a financial asset and the hybrid contract
is not measured at fair value with changes in fair value recognized in profit or loss, and the economic characteristics and risks of the
embedded derivative are not closely related to the economic characteristics and risks of the host, and a separate instrument with the
same terms as the embedded derivative would meet the definition of a derivative, the embedded derivative shall be separated from
the hybrid instrument and accounted for as a separate derivative instrument. If the Company is unable to measure the fair value of the
embedded derivative at the acquisition date or subsequently at the balance sheet date, the entire hybrid contract is designated as
financial assets or financial liabilities at fair value through profit or loss.
(e) Impairment of financial instrument
The Company shall recognize a loss allowance based on expected credit losses on a financial asset that is measured at amortized cost,
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a debt investment at fair value through other comprehensive income, a contract asset, a lease receivable, a loan commitment and a
financial guarantee contract.
(i) Measurement of expected credit losses
Expected credit losses are the weighted average of credit losses of the financial instruments with the respective risks of a default
occurring as the weights. Credit loss is the difference between all contractual cash flows that are due to the Company in accordance
with the contract and all the cash flows that the Company expects to receive (ie all cash shortfalls), discounted at the original
effective interest rate or credit- adjusted effective interest rate for purchased or originated credit-impaired financial assets.
Lifetime expected credit losses are the expected credit losses that result from all possible default events over the expected life of a
financial instrument.
12-month expected credit losses are the portion of lifetime expected credit losses that represent the expected credit losses that result
from default events on a financial instrument that are possible within the 12 months after the reporting date (or the expected lifetime,
if the expected life of a financial instrument is less than 12 months).
At each reporting date, the Company classifies financial instruments into three stages and makes provisions for expected credit losses
accordingly. A financial instrument of which the credit risk has not significantly increased since initial recognition is at stage 1. The
Company shall measure the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses. A
financial instrument with a significant increase in credit risk since initial recognition but is not considered to be credit-impaired is at
stage 2. The Company shall measure the loss allowance for that financial instrument at an amount equal to the lifetime expected
credit losses. A financial instrument is considered to be credit-impaired as at the end of the reporting period is at stage 3. The
Company shall measure the loss allowance for that financial instrument at an amount equal to the lifetime expected credit losses.
The Company may assume that the credit risk on a financial instrument has not increased significantly since initial recognition if the
financial instrument is determined to have low credit risk at the reporting date and measure the loss allowance for that financial
instrument at an amount equal to 12-month expected credit losses.
For financial instrument at stage 1, stage 2 and those have low credit risk, the interest revenue shall be calculated by applying the
effective interest rate to the gross carrying amount of a financial asset (ie, impairment loss not been deducted). For financial
instrument at stage 3, interest revenue shall be calculated by applying the effective interest rate to the amortized cost after deducting
of impairment loss.
For notes receivable, accounts receivable and accounts receivable financing, no matter it contains a significant financing component
or not, the Company shall measure the loss allowance at an amount equal to the lifetime expected credit losses.
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(a)Receivables/Contract Assets
For the notes receivable, accounts receivable, other receivables, accounts receivable financing, contract assets and long-term
receivables which are demonstrated to be impaired by any objective evidence, or applicable for individual assessment, the Company
shall individually assess for impairment and recognize the loss allowance for expected credit losses. If the Company determines that
no objective evidence of impairment exists for notes receivable, accounts receivable, other receivables, accounts receivable financing,
contract assets and long-term receivables, or the expected credit loss of a single financial asset cannot be assessed at reasonable cost,
such notes receivable, accounts receivable, other receivables, accounts receivable financing, contract assets and long-term receivables
shall be divided into several groups with similar credit risk characteristics and collectively calculated the expected credit loss. The
determination basis of groups is as following:
Determination basis of notes receivable is as following:
Illustration:
Group 1: Commercial acceptance bills
Group 2: Bank acceptance bills
For each group, the Company calculates expected credit losses through default exposure and the lifetime expected credit losses rate,
taking reference to historical experience for credit losses and considering current condition and expectation for the future economic
situation.
Determination basis of accounts receivable is as following:
Illustration:
Group 1: Portfolio grouped with ages
Group 2: Portfolio grouped with business of jewelry sales
For each group, the Company calculates expected credit losses through preparing an aging analysis schedule with the lifetime
expected credit losses rate, taking reference to historical experience for credit losses and considering current condition and
expectation for the future economic situation.
Determination basis of other receivables is as following:
Illustration:
Group 1: Interest receivable
Group 2: Dividend receivable
Group 3: Portfolio grouped with ages
Group 4: Deposit and guarantee receivable
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Group 5: Portfolio grouped with balances due from consolidated parties
For each group, the Company calculates expected credit losses through default exposure and the 12-months or lifetime expected
credit losses rate, taking reference to historical experience for credit losses and considering current condition and expectation for the
future economic situation.
Determination basis of long-term receivables financing is as following:
Illustration:
Group 1: Others
For group 1, the Company calculates expected credit losses through default exposure and the 12-months or lifetime expected credit
losses rate, taking reference to historical experience for credit losses and considering current condition and expectation for the future
economic situation.
(b) Debt investment and other debt investment
For debt investment and other debt investment, the Company shall calculate the expected credit loss through the default exposure and
the 12-month or lifetime expected credit loss rate based on the nature of the investment, counterparty and the type of risk exposure.
(ii) Low credit risk
If the financial instrument has a low risk of default, the borrower has a strong capacity to meet its contractual cash flow obligations in
the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the
ability of the borrower to fulfill its contractual cash flow obligations.
(iii) Significant increase in credit risk
The Company shall assess whether the credit risk on a financial instrument has increased significantly since initial recognition, using
the change in the risk of a default occurring over the expected life of the financial instrument, through the comparison of the risk of a
default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as
at the date of initial recognition.
To make that assessment, the Company shall consider reasonable and supportable information, that is available without undue cost or
effort, and that is indicative of significant increases in credit risk since initial recognition, including forward-looking information.
The information considered by the Company are as following:
Significant changes in internal price indicators of credit risk as a result of a change in credit risk since inception
Existing or forecast adverse change in the business, financial or economic conditions of the borrower that results in a
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significant change in the borrower’s ability to meet its debt obligations；
An actual or expected significant change in the operating results of the borrower; An actual or expected significant
adverse change in the regulatory, economic, or technological environment of the borrower；
Significant changes in the value of the collateral supporting the obligation or in the quality of third-party guarantees or
credit enhancements, which are expected to reduce the borrower’s economic incentive to make scheduled contractual payments or to
otherwise have an effect on the probability of a default occurring;
Significant change that are expected to reduce the borrower ’ s economic incentive to make scheduled contractual
payments;
Expected changes in the loan documentation including an expected breach of contract that may lead to covenant waivers
or amendments, interest payment holidays, interest rate step-ups, requiring additional collateral or guarantees, or other changes to the
contractual framework of the instrument；
Significant changes in the expected performance and behavior of the borrower；
Contractual payments are more than 30 days past due.
Depending on the nature of the financial instruments, the Company shall assess whether the credit risk has increased significantly
since initial recognition on an individual financial instrument or a group of financial instruments. When assessed based on a group of
financial instruments, the Company can group financial instruments on the basis of shared credit risk characteristics, for example,
past due information and credit risk rating.
Generally, the Company shall determine the credit risk on a financial asset has increased significantly since initial recognition when
contractual payments are more than 30 days past due. The Company can only rebut this presumption if the Company has reasonable
and supportable information that is available without undue cost or effort, that demonstrates that the credit risk has not increased
significantly since initial recognition even though the contractual payments are more than 30 days past due.
(iv) Credit-impaired financial asset
The Company shall assess at each reporting date whether the credit impairment has occurred for financial asset at amortized cost and
debt investment at fair value through other comprehensive income. A financial asset is credit-impaired when one or more events that
have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidences that a financial asset is
credit-impaired include observable data about the following events:
Significant financial difficulty of the issuer or the borrower；a breach of contract, such as a default or past due event; the lender(s) of
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the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a
concession(s) that the lender(s) would not otherwise consider；it is becoming probable that the borrower will enter bankruptcy or
other financial reorganization；the disappearance of an active market for that financial asset because of financial difficulties；the
purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses.
(v) Presentation of impairment of expected credit loss
In order to reflect the changes of credit risk of financial instrument since initial recognition, the Company shall at each reporting date
remeasure the expected credit loss and recognize in profit or loss, as an impairment gain or loss, the amount of expected credit losses
addition (or reversal). For financial asset at amortized cost, the loss allowance shall reduce the carrying amount of the financial asset
in the statement of financial position; for debt investment at fair value through other comprehensive income, the loss allowance shall
be recognized in other comprehensive income and shall not reduce the carrying amount of the financial asset in the statement of
financial position.
(vi) Write-off
The Company shall directly reduce the gross carrying amount of a financial asset when the Company has no reasonable expectations
of recovering the contractual cash flow of a financial asset in its entirety or a portion thereof. Such write-off constitutes a
derecognition of the financial asset. This circumstance usually occurs when the Company determines that the debtor has no assets or
sources of income that could generate sufficient cash flow to repay the write-off amount.
Recovery of financial asset written off shall be recognized in profit or loss as reversal of impairment loss.
(f) Transfer of financial assets
Transfer of financial assets refers to following two situations:
Transfers the contractual rights to receive the cash flows of the financial asset;
Transfers the entire or a part of a financial asset and retains the contractual rights to receive the cash flows of the financial
asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.
(i) Derecognition of transferred assets
If the Company transfers substantially all the risks and rewards of ownership of the financial asset, or neither transfers nor retains
substantially all the risks and rewards of ownership of the financial asset but has not retained control of the financial asset, the
financial asset shall be derecognized.
Whether the Company has retained control of the transferred asset depends on the transferee ’ s ability to sell the asset. If the
transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability
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unilaterally and without needing to impose additional restrictions on the transfer, the Company has not retained control.
The Company judges whether the transfer of financial asset qualifies for derecognition based on the substance of the transfer.
If the transfer of financial asset qualifies for derecognition in its entirety, the difference between the following shall be recognized in
profit or loss:
The carrying amount of transferred financial asset;
The sum of consideration received and the part derecognized of the cumulative changes in fair value previously
recognized in other comprehensive income (The financial assets involved in the transfer are classified as financial assets at fair value
through other comprehensive income in accordance with Article 18 of the Accounting Standards for Business Enterprises -
Recognition and Measurement of Financial Instruments).
If the transferred asset is a part of a larger financial asset and the part transferred qualifies for derecognition, the previous carrying
amount of the larger financial asset shall be allocated between the part that continues to be recognized (For this purpose, a retained
servicing asset shall be treated as a part that continues to be recognized) and the part that is derecognized, based on the relative fair
values of those parts on the date of the transfer. The difference between following two amounts shall be recognized in profit or loss:
The carrying amount (measured at the date of derecognition) allocated to the part derecognized；
The sum of the consideration received for the part derecognized and part derecognized of the cumulative changes in fair
value previously recognized in other comprehensive income (The financial assets involved in the transfer are classified as financial
assets at fair value through other comprehensive income in accordance with Article 18 of the Accounting Standards for Business
Enterprises - Recognition and Measurement of Financial Instruments).
(ii) Continuing involvement in transferred assets
If the Company neither transfers nor retains substantially all the risks and rewards of ownership of a transferred asset, and retains
control of the transferred asset, the Company shall continue to recognize the transferred asset to the extent of its continuing
involvement and also recognize an associated liability.
The extent of the Company’s continuing involvement in the transferred asset is the extent to which it is exposed to changes in the
value of the transferred asset
(iii) Continue to recognize the transferred assets
If the Company retains substantially all the risks and rewards of ownership of the transferred financial asset, the Company shall
continue to recognize the transferred asset in its entirety and the consideration received shall be recognized as a financial liability.
The financial asset and the associated financial liability shall not be offset. In subsequent accounting period, the Company shall
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continuously recognize any income (gain) arising from the transferred asset and any expense (loss) incurred on the associated
liability.
(g) Offsetting financial assets and financial liabilities
Financial assets and financial liabilities shall be presented separately in the statement of financial position and shall not be offset.
When meets the following conditions, financial assets and financial liabilities shall be offset and the net amount presented in the
statement of financial position:
The Company currently has a legally enforceable right to set off the recognized amounts; The Company intends either to settle on a
net basis, or to realize the asset and settle the liability simultaneously.
In accounting for a transfer of a financial asset that does not qualify for derecognition, the Company shall not offset the transferred
asset and the associated liability.
(h) Determination of fair value of financial instruments
Determination of financial assets and financial liabilities please refer to Note 3.11
3.11 Fair Value Measurement
Fair value refers to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
The Company determines fair value of the related assets and liabilities based on market value in the principal market, or in the
absence of a principal market, in the most advantageous market price for the related asset or liability. The fair value of an asset or a
liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that
market participants act in their economic best interest.
The principal market is the market in which transactions for an asset or liability take place with the greatest volume and frequency.
The most advantageous market is the market which maximizes the value that could be received from selling the asset and minimizes
the value which is needed to be paid in order to transfer a liability, considering the effect of transport costs and transaction costs both.
If the active market of the financial asset or financial liability exists, the Company shall measure the fair value using the quoted price
in the active market. If the active market of the financial instrument is not available, the Company shall measure the fair value using
valuation techniques.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by
using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best
use.
Valuation techniques
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The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to
measure fair value, including the market approach, the income approach and the cost approach. The Company shall use valuation
techniques consistent with one or more of those approaches to measure fair value. If multiple valuation techniques are used to
measure fair value, the results shall be evaluated considering the reasonableness of the range of values indicated by those results. A
fair value measurement is the point within that range that is most representative of fair value in the circumstances.
When using the valuation technique, the Company shall give the priority to relevant observable inputs. The unobservable inputs can
only be used when relevant observable inputs is not available or practically would not be obtained. Observable inputs refer to the
information which is available from market and reflects the assumptions that market participants would use when pricing the asset or
liability. Unobservable Inputs refer to the information which is not available from market and it has to be developed using the best
information available in the circumstances from the assumptions that market participants would use when pricing the asset or
liability.
Fair value hierarchy
To Company establishes a fair value hierarchy that categorizes into three levels the inputs to valuation techniques used to measure
fair value. The fair value hierarchy gives the highest priority to Level 1 inputs and second to the Level 2 inputs and the lowest
priority to Level 3 inputs. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the
entity can access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.
3.12 Inventories
(a) Classification of inventories
Investment property includes land use right of rent-out property and of property held for capital
appreciation and buildings that have been leased out.
(b) Measurement method of cost of inventories sold or used
The cost of inventories used or sold is determined on the first in- first out, or individual valuation
method basis.
(c) Inventory system
The perpetual inventory system is adopted. The inventories should be counted at least once a year,
and surplus or losses of inventory stocktaking shall be included in current profit and loss.
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(d) Provision for impairment of inventory
Inventories are stated at the lower of cost and net realizable value. The excess of cost over net realizable value of the inventories is
recognized as provision for impairment of inventory, and recognized in current profit or loss.
Net realizable value of the inventory should be determined on the basis of reliable evidence obtained, and factors such as purpose of
holding the inventory and impact of post balance sheet event shall be considered.
(i) In normal operation process, finished goods, products and materials for direct sale, their net realizable values are determined at
estimated selling prices less estimated selling expenses and relevant taxes and surcharges; for inventories held to execute sales
contract or service contract, their net realizable values are calculated on the basis of contract price. If the quantities of inventories
specified in sales contracts are less than the quantities held by the Company, the net realizable value of the excess portion of
inventories shall be based on general selling prices. Net realizable value of materials held for sale shall be measured based on market
price.
(ii) For materials in stock need to be processed, in the ordinary course of production and business, net realizable value is determined
at the estimated selling price less the estimated costs of completion, the estimated selling expenses and relevant taxes. If the net
realizable value of the finished products produced by such materials is higher than the cost, the materials shall be measured at cost; if
a decline in the price of materials indicates that the cost of the finished products exceeds its net realizable value, the materials are
measured at net realizable value and differences shall be recognized at the provision for impairment.
(iii) Provisions for inventory impairment are generally determined on an individual basis. For inventories with large quantity and low
unit price, the provisions for inventory impairment are determined on a category basis.
(iv) If any factor rendering write-downs of the inventories has been eliminated at the reporting date, the amounts written down are
recovered and reversed to the extent of the inventory impairment, which has been provided for. The reversal shall be included in
profit or loss.
3.13 Contract assets and Contract liabilities
The Company presents contract assets or contract liabilities in the balance sheet based on the relationship between its performance
obligations and customers’ payments. Contract assets and contract liabilities under the same contract shall offset each other and be
presented on a net basis.
The Company presents an unconditional right to consideration (i.e., only the passage of time is required before the consideration is
due) as a receivable, and presents a right to consideration in exchange for goods that it has transferred to a customer (which is
conditional on something other than the passage of time) as a contract asset.
For the Company's determination method and accounting treatment method for the expected credit loss of contract assets, please refer
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to Note 3.10 Financial Instruments for details.
The Company presents an obligation to transfer goods to a customer for which the Company has received consideration (or the
amount is due) from the customer as a contract liability.
3.14 Contract costs
Assets related to contract costs including costs of obtaining a contract and costs to fulfil a contract.
The Company recognizes as an asset the incremental costs of obtaining a contract if those costs are expected to be recovered. The
costs of obtaining a contract shall be included into profit or loss when incurred if the amortization period of the asset is one year or
less.
If the costs incurred in fulfilling a contract are not within the scope of standards related to inventories, fixed assets or intangible
assets, etc., the Company shall recognize the costs to fulfil a contract as an asset if all the following criteria are satisfied:
(i) The costs relate directly to a contract or to an anticipated contract, including direct labor, direct materials, manufacturing overhead
cost (or similar cost), cost that are explicitly chargeable to the customer under the contract, and other costs that are only related to the
contract;
(ii) The costs enhance resources of the Company that will be used in satisfying performance obligations in the future;
(iii) The costs are expected to be recovered.
If the incremental cost incurred by the company to obtain the contract is expected to be recovered, it shall be recognized as an
asset as the contract acquisition cost.
The assets related to the contract cost shall be amortized on the same basis as the income from goods or services related to the
assets; however, if the amortization period of the contract acquisition cost is less than one year, the company shall include it in the
current profit and loss when it occurs.
If the book value of the assets related to the contract cost is higher than the difference between the following two items, the
company will make provision for impairment for the excess part and recognize it as the loss of asset impairment, and further consider
whether the estimated liabilities related to the loss contract should be made:
(i) The residual consideration expected to be obtained due to the transfer of goods or services related to the asset;
(ii) The estimated cost to be incurred for the transfer of the relevant goods or services.
If the above provision for impairment of assets is subsequently reversed, the book value of the asset after reversal shall not
exceed the book value of the asset on the reversal date without provision for impairment.
The contract performance cost recognized as an asset with an amortization period of no more than one year or one normal
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business cycle at the time of initial recognition shall be listed in the "inventory" item, and the amortization period of no more than
one year or one normal business cycle at the time of initial recognition shall be listed in the "other non-current assets" item.
The contract acquisition cost recognized as an asset shall be listed in the item of "other current assets" when the amortization
period does not exceed one year or one normal business cycle at the time of initial recognition, and listed in the item of "other non
current assets" when the amortization period exceeds one year or one normal business cycle at the time of initial recognition.
3.15 Non-current assets or disposal groups as held for sale
(a) Classification of non-current assets (or disposal groups) as held for sale
The Company classifies a non-current asset (or disposal group) as held for sale if the following requirements are met simultaneously:
(i) The asset or disposal group must be available for immediate sale in its present condition subject only to the terms that are usual
and customary for sales of such assets (or disposal groups).
(ii) Its sale must be highly probable, i.e, the Company must be committed to a plan to sell the asset (or disposal group) and obtain
definite purchase commitment, and the sale is expected to complete within one year. If the relevant regulations require the approval
from the relevant power organisations or supervision departments of the Company before they can be sold, the approval has been
obtained.
When the Company acquires a non-current asset (or disposal group) exclusively with a view to its subsequent disposal, it shall
classify the non-current asset (or disposal group) as held for sale at the acquisition date only if the one-year requirement is met and it
is highly probable that any other criteria that are not met at that date will be met within a short period following the acquisition
(usually within three months).
The Company that is committed to dispose its equity investment in a subsidiary which will lead to its loss of control of the subsidiary
shall classify the investment as held for sale in the separate financial statements of the Company, and classify all the assets and
liabilities of that subsidiary as held for sale in the consolidated financial statements of the group, when the above criteria are met,
regardless of whether the Company will remain part of equity investment in the subsidiary.
(b) Measurement of non-current assets (or disposal groups) held for sale
The principal of measurement of non-current assets (or disposal groups) held for sale does not apply to the following assets:
investment properties that are measured in accordance with the fair value model, biological assets that are measured at fair value less
costs to sell, assets arising from employee benefits, deferred tax assets, financial assets within the scope of relevant accounting
standards related to financial instruments and contractual rights under insurance contracts as defined in accounting standards related
to insurance contracts.
When the non-current assets (or disposal groups) as held for sale are initially measured or subsequently measured at balance sheet
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date, if the carrying amount of the asset (or disposal group) is higher than the fair value less cost to sell, it shall be written-down to its
fair value less cost to sell, and the difference shall be recognized as impairment loss into current profit or loss, and provision for asset
impairment shall be recognized simultaneously. At subsequent reporting date, if there is any increase in fair value less costs to sell of
a non-current asset (or disposal group), the impairment loss recognized in previously shall be reversed to the extent of impairment
loss recognized after the asset has been classified as held-for-sale and included in profit or loss. An impairment loss recognized for
goodwill shall not be reversed in a subsequent period.
When the assets (or disposal groups) ceases to be classified as held for sale or the non-current assets are removed from disposal
groups since the criteria for held for sale are no longer met, the assets shall be measured at the lower of:
(i) Its carrying amount before the asset (or disposal group) was classified as held for sale, adjusted for any depreciation, amortization
or revaluations that would have been recognized had the asset (or disposal group) not been classified as held for sale, and
(ii) Its recoverable amount
(c) Presentation
An entity shall present a non-current asset classified as held for sale and the assets of a disposal group classified as held for sale
separately from other assets in the statement of financial position. The liabilities of a disposal group classified as held for sale shall
be presented separately from other liabilities in the statement of financial position. Those assets and liabilities shall not be offset and
presented as a single amount.
3.16 Long-term Equity Investments
Long-term equity investments refer to equity investments where an investor has control of, or
significant influence over, an investee, as well as equity investments in joint ventures. Associates of
the Company are those entities over which the Company has significant influence.
(a) Determination basis of joint control or significant influence over the investee
Joint control is the relevant agreed sharing of control over an arrangement, and the arranged relevant activity must be decided under
unanimous consent of the parties sharing control. In assessing whether the Company has joint control of an arrangement, the
Company shall assess first whether all the parties, or a group of the parties, control the arrangement. When all the parties, or a group
of the parties, considered collectively, are able to direct the activities of the arrangement, the parties control the arrangement
collectively. Then the Company shall assess whether decisions about the relevant activities require the unanimous consent of the
parties that collectively control the arrangement. If two or more groups of the parties could control the arrangement collectively, it
shall not be assessed as have joint control of the arrangement. When assessing the joint control, the protective rights are not
considered.
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Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or
joint control of those policies. In determination of significant influence over an investee, the Company should consider not only the
existing voting rights directly or indirectly held but also the effect of potential voting rights held by the Company and other entities
that could be currently exercised or converted, including the effect of share warrants, share options and convertible corporate bonds
that issued by the investee and could be converted in current period.
If the Company holds, directly or indirectly 20% or more but less than 50% of the voting power of the investee, it is presumed that
the Company has significant influence of the investee, unless it can be clearly demonstrated that in such circumstance, the Company
cannot participate in the decision-making in the production and operating of the investee.
(b) Determination of initial investment cost
(i) Long-term equity investments generated in business combinations
For a business combination involving enterprises under common control, if the Company makes payment in cash, transfers non-cash
assets or bears liabilities as the consideration for the business combination, the share of carrying amount of the owners’ equity of the
acquiree in the consolidated financial statements of the ultimate controlling party is recognized as the initial cost of the long-term
equity investment on the combination date. The difference between the initial investment cost and the carrying amount of cash paid,
non-cash assets transferred and liabilities assumed shall be adjusted against the capital reserve; if capital reserve is not enough to be
offset, undistributed profit shall be offset in turn.
For a business combination involving enterprises under common control, if the Company issues equity securities as the consideration
for the business combination, the share of carrying amount of the owners ’ equity of the acquiree in the consolidated financial
statements of the ultimate controlling party is recognized as the initial cost of the long-term equity investment on the combination
date. The total par value of the shares issued is recognized as the share capital. The difference between the initial investment cost and
the carrying amount of the total par value of the shares issued shall be adjusted against the capital reserve; if capital reserve is not
enough to be offset, undistributed profit shall be offset in turn.
For business combination not under common control, the assets paid, liabilities incurred or assumed and the fair value of equity
securities issued to obtain the control of the acquiree at the acquisition date shall be determined as the cost of the business
combination and recognized as the initial cost of the long-term equity investment. The audit, legal, valuation and advisory fees, other
intermediary fees, and other relevant general administrative costs incurred for the business combination, shall be recognized in profit
or loss as incurred.
(ii) Long-term equity investments acquired not through the business combination, the investment cost shall be determined based on
the following requirements:
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For long-term equity investments acquired by payments in cash, the initial cost is the actually paid purchase cost, including the
expenses, taxes and other necessary expenditures directly related to the acquisition of long-term equity investments.
For long-term equity investments acquired through issuance of equity securities, the initial cost is the fair value of the issued equity
securities.
For the long-term equity investments obtained through exchange of non-monetary assets, if the exchange has commercial substance,
and the fair values of assets traded out and traded in can be measured reliably, the initial cost of long-term equity investment traded in
with non-monetary assets are determined based on the fair values of the assets traded out together with relevant taxes. Difference
between fair value and book value of the assets traded out is recorded in current profit or loss. If the exchange of non-monetary assets
does not meet the above criterion, the book value of the assets traded out and relevant taxes are recognized as the initial investment
cost.
For long-term equity investment acquired through debt restructuring, the book value is determined based on the fair value of waived
debts and the taxes and other costs directly attributable to the assets. Difference between fair value and carrying amount of waived
debts shall be recorded in current profit or loss.
(c) Subsequent measurement and recognition of profit or loss
Long-term equity investment to an entity over which the Company has ability of control shall be accounted for at cost method.
Long-term equity investment to a joint venture or an associate shall be accounted for at equity method.
(i) Cost method
For Long-term equity investment at cost method, cost of the long-term equity investment shall be adjusted when additional amount is
invested or a part of it is withdrawn. The Company recognizes its share of cash dividends or profits which have been declared to
distribute by the investee as current investment income.
(ii) Equity method
If the initial cost of the investment is in excess of the share of the fair value of the net identifiable assets in the investee at the date of
investment, the difference shall not be adjusted to the initial cost of long-term equity investment; if the initial cost of the investment
is in short of the share of the fair value of the net identifiable assets in the investee at the date investment, the difference shall be
included in the current profit or loss and the initial cost of the long-term equity investment shall be adjusted accordingly.
The Company recognizes the share of the investee’s net profits or losses, as well as its share of the investee’s other comprehensive
income, as investment income or losses and other comprehensive income respectively, and adjusts the carrying amount of the
investment accordingly. The carrying amount of the investment shall be reduced by the share of any profit or cash dividends declared
to distribute by the investee. The investor’s share of the investee’s owners’ equity changes, other than those arising from the
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investee’s net profit or loss, other comprehensive income or profit distribution, shall be recognized in the investor’s equity, and the
carrying amount of the long-term equity investment shall be adjusted accordingly. The Company recognizes its share of the investee’
s net profits or losses after making appropriate adjustments of investee ’ s net profit based on the fair values of the investee ’ s
identifiable net assets at the investment date. If the accounting policy and accounting period adopted by the investee is not in
consistency with the Company, the financial statements of the investee shall be adjusted according to the Company’s accounting
policies and accounting period, based on which, investment income or loss and other comprehensive income, etc., shall be adjusted.
The unrealized profits or losses resulting from inter-Company transactions between the Company and its associate or joint venture
are eliminated in proportion to the Company’s equity interest in the investee, based on which investment income or losses shall be
recognized. Any losses resulting from inter-Company transactions between the investor and the investee, which belong to asset
impairment, shall be recognized in full.
Where the Company obtains the power of joint control or significant influence, but not control, over the investee, due to additional
investment or other reason, the relevant long-term equity investment shall be accounted for by using the equity method, initial cost of
which shall be the fair value of the original investment plus the additional investment. Where the original investment is classified as
available-for sale investment, difference between its fair value and the carrying value, in addition to the cumulative changes in fair
value previously recorded in other comprehensive income, shall be recogised into current profit or loss using equity method.
If the Company loses the joint control or significant influence of the investee for some reasons such as disposal of equity investment,
the retained interest shall be measured at fair value and the difference between the carrying amount and the fair value at the date of
loss the joint control or significant influence shall be recognized in profit or loss. When the Company discontinues the use of the
equity method, the Company shall account for all amounts previously recognized in other comprehensive income under equity
method in relation to that investment on the same basis as would have been required if the investee had directly disposed of the
related assets or liabilities.
(d) Equity investment classified as held for sale
For an equity investment, or a portion of an equity investment, in an associate or a joint venture is classified as held for sale, the
relevant accounting treatment please refer to Note 3.14.
Any retained interest in the equity investment not classified as held for sale, shall be accounted for using equity method.
When an equity investment in an associate or a joint venture previously classified as held for sale no longer meets the criteria to be so
classified, it shall be accounted for using the equity method retrospectively as from the date of its classification as held for sale.
Financial statements for the periods since classification as held for sale shall be amended accordingly.
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(e) Impairment testing and provision for impairment loss
For investment in subsidiaries, associates or a joint ventures, provision for impairment loss please refer to Note 3.22.
3.17 Investment Properties
(a) Classification of investment properties
Investment properties are properties to earn rentals or for capital appreciation or both, including:
(i)Land use right leased out
(ii)Land held for transfer upon appreciation
(iii)Buildings leased out
(b) The measurement model of investment property
The Company adopts the cost model for subsequent measurement of investment properties. For
provision for impairment please refer to Note 3.23.
The Company calculates the depreciation or amortization based on the net amount of investment
property cost less the accumulated impairment and the net residual value using straight-line method.
The estimated useful life and annual depreciation rates which are determined according to the
categories, estimated economic useful lives and estimated net residual rates are listed as followings:
Estimated useful Annual depreciation rates
Category Residualrates (%)
life (year) (%)
Buildingsandconstructions 35-40 3 2.77-2.43
Land use right 50 — 2.00
3.18 Fixed Assets
Fixed assets refer to the tangible assets with higher unit price held for the purpose of producing
commodities, rendering services, renting or business management with useful lives exceeding one
year.
(a) Recognition criteria of fixed assets
Fixed assets will only be recognized at the actual cost paid when obtaining as all the following
criteria are satisfied:
(i) It is probable that the economic benefits relating to the fixed assets will flow into the Company;
(ii) The costs of the fixed assets can be measured reliably.
Subsequent expenditure for fixed assets shall be recorded in cost of fixed assets, if recognition
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criteria of fixed assets are satisfied, otherwise the expenditure shall be recorded in current profit or
loss when incurred.
(b) Depreciation methods of fixed assets
The Company begins to depreciate the fixed asset from the next month after it is available for intended use using the
straight-line-method. The estimated useful life and annual depreciation rates which are determined according to the categories,
estimated economic useful lives and estimated net residual rates of fixed assets are listed as followings:
Estimated Annual
Useful life
Categories Depreciation method residual value depreciation rate
(years)
proportion (%) (%)
Buildings and
Straight-line method 10,35-40 0、3 2.43-2.77,10.00
structures
Decoration fees for
Straight-line method 10 0 10.00
self-owned houses
Machinery Straight-line method 12 3 8.08
Transport facilities Straight-line method 7 3 13.86
Electronic equipment Straight-line method 5-7 3 13.86-19.40
Office and other
Straight-line method 7 3 13.86
equipment
For the fixed assets with impairment provided, the impairment provision should be excluded from the cost when calculating
depreciation.
At the end of reporting period, the Company shall review the useful life, estimated net residual value and depreciation method of the
fixed assets. Estimated useful life of the fixed assets shall be adjusted if it is changed compared to the original estimation.
(c) Recognition criteria, valuation and depreciation methods of fixed assets obtained through
a finance lease
If the entire risk and rewards related to the leased assets have been substantially transferred, the
Company shall recognize the lease as a finance lease. The cost of the fixed assets obtained through
a finance lease is determined at the lower of the fair value of the leased assets and the present value
of the minimum lease payment on the date of the lease. The fixed assets obtained by a finance lease
are depreciated in the method which is consistent with the self-owned fixed assets of the Company.
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For fixed assets obtained through a finance lease, if it is reasonably certain that the ownership of the
leased assets will be transferred to the lessee by the end of the lease term, they shall be depreciated
over their remaining useful lives; otherwise, the leased assets shall be depreciated over the shorter
of the lease terms or their remaining useful lives.
3.19 Construction in Progress
(a) Classification of construction in progress
Construction in progress is measured on an individual project basis.
(b) Recognition criteria and timing of transfer from construction in progress to fixed assets
The initial book values of the fixed assets are stated at total expenditures incurred before they are
ready for their intended use, including construction costs, original price of machinery equipment,
other necessary expenses incurred to bring the construction in progress to get ready for its intended
use and borrowing costs of the specific loan for the construction or the proportion of the general
loan used for the constructions incurred before they are ready for their intended use. The
construction in progress shall be transferred to fixed asset when the installation or construction is
ready for the intended use. For construction in progress that has been ready for their intended use
but relevant budgets for the completion of projects have not been completed, the estimated values of
project budgets, prices, or actual costs should be included in the costs of relevant fixed assets, and
depreciation should be provided according to relevant policies of the Company when the fixed
assets are ready for intended use. After the completion of budgets needed for the completion of
projects, the estimated values should be substituted by actual costs, but depreciation already
provided is not adjusted.
3.20 Borrowing Costs
(a) Recognition criteria and period for capitalization of borrowing costs
The Company shall capitalize the borrowing costs that are directly attributable to the acquisition,
construction or production of qualifying assets when meet the following conditions:
(i) Expenditures for the asset are being incurred;
(ii) Borrowing costs are being incurred, and;
(iii) Acquisition, construction or production activities that are necessary to prepare the assets for
their intended use or sale are in progress.
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Other borrowing cost, discounts or premiums on borrowings and exchange differences on foreign
currency borrowings shall be recognized into current profit or loss when incurred.
Capitalization of borrowing costs is suspended during periods in which the acquisition, construction
or production of a qualifying asset is interrupted abnormally and the interruption is for a continuous
period of more than 3 months.
Capitalization of such borrowing costs ceases when the qualifying assets being acquired,
constructed or produced become ready for their intended use or sale. The expenditure incurred
subsequently shall be recognized as expenses when incurred.
(b) Capitalization rate and measurement of capitalized amounts of borrowing costs
When funds are borrowed specifically for purchase, construction or manufacturing of assets eligible
for capitalization, the Company shall determine the amount of borrowing costs eligible for
capitalization as the actual borrowing costs incurred on that borrowing during the period less any
interest income on bank deposit or investment income on the temporary investment of those
borrowings.
Where funds allocated for purchase, construction or manufacturing of assets eligible for
capitalization are part of a general borrowing, the eligible amounts are determined by the
weighted-average of the cumulative capital expenditures in excess of the specific borrowing
multiplied by the general borrowing capitalization rate. The capitalization rate will be the weighted
average of the borrowing costs applicable to the general borrowing.
3.21 Impairment of Long-Term Assets
Impairment loss of long-term equity investment in subsidiaries, associates and joint ventures,
investment properties, fixed assets and constructions in progress subsequently measured at cost,
productive biological assets, intangible assets, goodwill, the rights and interests of proved mining
areas of petroleum and natural gas and wells and other relevant facilities measured at cost
(excluding inventories, investment properties measured at fair value, deferred tax assets, financial
assets), shall be determined according to following method:
The Company shall assess at the end of each reporting period whether there is any indication that an
asset may be impaired. If any such indication exists, the Company shall estimate the recoverable
amount of the asset and test for impairment. Irrespective of whether there is any indication of
impairment, the Company shall test for impairment of goodwill acquired in a business combination,
intangible assets with an indefinite useful life or intangible assets not yet available for use annually.
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The recoverable amounts of the long-term assets are the higher of their fair values less costs to
dispose and the present values of the estimated future cash flows of the long-term assets. The
Company estimate the recoverable amounts on an individual basis. If it is difficult to estimate the
recoverable amount of the individual asset, the Company estimates the recoverable amount of the
groups of assets that the individual asset belongs to. Identification of an group of asset is based on
whether the cash inflows from it are largely independent of the cash inflows from other assets or
groups of assets.
If, and only if, the recoverable amount of an asset or a group of assets is less than its carrying
amount, the carrying amount of the asset shall be reduced to its recoverable amount and the
provision for impairment loss shall be recognized accordingly.
For the purpose of impairment testing, goodwill acquired in a business combination shall, from the
acquisition date, be allocated to relevant group of assets based on reasonable method; if it is
difficult to allocate to relevant group of assets, good will shall be allocated to relevant combination
of asset groups. The relevant group of assets or combination of asset groups is a group of assets or
combination of asset groups that is benefit from the synergies of the business combination and is
not larger than the reporting segment determined by the Company.
When test for impairment, if there is an indication that relevant group of assets or combination of
asset groups may be impaired, impairment testing for group of assets or combination of asset groups
excluding goodwill shall be conducted first, and calculate the recoverable amount and recognize the
impairment loss. Then the group of assets or combination of asset groups including goodwill shall
be tested for impairment, by comparing the carrying amount with its recoverable amount. If the
recoverable amount is less than the carrying amount, the Company shall recognize the impairment
loss.
The mentioned impairment loss will not be reversed in subsequent accounting period once it had
been recognized.
3.22 Intangible Assets
(a) Measurement method of intangible assets
Intangible assets are recognized at actual cost at acquisition.
(b) The useful life and amortization of intangible assets
(i) The estimated useful lives of the intangible assets with finite useful lives are as follows:
Category Estimated useful life Basis
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Land use right 50 years Legal life
The service life is determined by
Software 5 years reference to the period that can bring
economic benefits to the Company
The service life is determined by
Royalties 10 years reference to the period that can bring
economic benefits to the Company
For intangible assets with finite useful life, the estimated useful life and amortization method are
reviewed annually at the end of each reporting period and adjusted when necessary. No change
incurs in current year in the estimated useful life and amortization method upon review.
(ii) Assets of which the period to bring economic benefits to the Company are unforeseeable are
regarded as intangible assets with indefinite useful lives. The Company reassesses the useful lives
of those assets at every year end. If the useful lives of those assets are still indefinite, impairment
test should be performed on those assets at the balance sheet date.
(iii) Amortization of the intangible assets
For intangible assets with finite useful lives, their useful lives should be determined upon their
acquisition and systematically amortized on a straight-line basis [units of production method] over
the useful life. The amortization amount shall be recognized into current profit or loss according to
the beneficial items. The amount to be amortized is cost deducting residual value. For intangible
assets which has impaired, the cumulative impairment provision shall be deducted as well. The
residual value of an intangible asset with a finite useful life shall be assumed to be zero unless: there
is a commitment by a third party to purchase the asset at the end of its useful life; or there is an
active market for the asset and residual value can be determined by reference to that market; and it
is probable that such a market will exist at the end of the asset’s useful life.
Intangible assets with indefinite useful lives shall not be amortized. The Company reassesses the
useful lives of those assets at every year end. If there is evidence to indicate that the useful lives of
those assets become finite, the useful lives shall be estimated and the intangible assets shall be
amortized systematically and reasonably within the estimated useful lives.
3.23 Long-term Deferred Expenses
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Long-term deferred expenses are various expenses already incurred, which shall be amortized over current and subsequent periods
with the amortization period exceeding one year.
Long-term deferred expenses are evenly amortized within its beneficiary period or stipulated period.
3.24 Employee Benefits
Employee benefits refer to all forms of consideration or compensation given by the Company in
exchange for service rendered by employees or for the termination of employment relationship.
Employee benefits include short-term employee benefits, post-employment benefits, termination
benefits and other long-term employee benefits. Benefits provided to an employee's spouse,
children, dependents, family members of decreased employees, or other beneficiaries are also
employee benefits.
According to liquidity, employee benefits are presented in the statement of financial position as
“Employee benefits payable” and “Long-term employee benefits payable”.
(a) Short-term employee benefits
(i) Employee basic salary (salary, bonus, allowance, subsidy)
The Company recognizes, in the accounting period in which an employee provides service, actually occurred short-term employee
benefits as a liability, with a corresponding charge to current profit except for those recognized as capital expenditure based on the
requirement of accounting standards.
(ii) Employee welfare
The Company shall recognize the employee welfare based on actual amount when incurred into current profit or loss or related
capital expenditure. Employee welfare shall be measured at fair value as it is a non-monetary benefits.
(iii) Social insurance such as medical insurance, work injury insurance and maternity insurance, housing funds, labor union fund and
employee education fund
Payments made by the Company of social insurance for employees, such as medical insurance,
work injury insurance and maternity insurance, payments of housing funds, and labor union fund
and employee education fund accrued in accordance with relevant requirements, in the accounting
period in which employees provide services, is calculated according to required accrual bases and
accrual ratio in determining the amount of employee benefits and the related liabilities, which shall
be recognized in current profit or loss or the cost of relevant asset.
(iv) Short-term paid absences
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The Company shall recognize the related employee benefits arising from accumulating paid
absences when the employees render service that increases their entitlement to future paid absences.
The additional payable amounts shall be measured at the expected additional payments as a result of
the unused entitlement that has accumulated. The Company shall recognize relevant employee
benefit of non-accumulating paid absences when the absences actually occurred.(v)Short-term
profit-sharing plan
The Company shall recognize the related employee benefits payable under a profit-sharing plan
when all of the following conditions are satisfied:
(i) The Company has a present legal or constructive obligation to make such payments as a result of past events; and
(ii) A reliable estimate of the amounts of employee benefits obligation arising from the profit- sharing plan can be made.
(b) Post-employment benefits
(i) Defined contribution plans
The Company shall recognize, in the accounting period in which an employee provides service, the contribution payable to a defined
contribution plan as a liability, with a corresponding charge to the current profit or loss or the cost of a relevant asset.
When contributions to a defined contribution plan are not expected to be settled wholly before twelve months after the end of the
annual reporting period in which the employees render the related service, they shall be discounted using relevant discount rate
(market yields at the end of the reporting period on high quality corporate bonds in active market or government bonds with the
currency and term which shall be consistent with the currency and estimated term of the defined contribution obligations) to measure
employee benefits payable.
(ii) Defined benefit plan
A.The present value of defined benefit obligation and current service costs
Based on the expected accumulative welfare unit method, the Company shall make estimates about demographic variables and
financial variables in adopting the unbiased and consistent actuarial assumptions and measure defined benefit obligation, and
determine the obligation period. The Company shall discount the obligation arising from defined benefit plan using relevant discount
rate (market yields at the end of the reporting period on high quality corporate bonds in active market or government bonds with the
currency and term which shall be consistent with the currency and estimated term of the defined benefit obligations) in order to
determine the present value of the defined benefit obligation and the current service cost.
B.The net defined benefit liability or asset
The net defined benefit liability (asset) is the deficit or surplus recognized as the present value of the defined benefit obligation less
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the fair value of plan assets (if any).
When the Company has a surplus in a defined benefit plan, it shall measure the net defined benefit asset at the lower of the surplus in
the defined benefit plan and the asset ceiling.
C.The amount recognized in the cost of asset or current profit or loss
Service cost comprises current service cost, past service cost and any gain or loss on settlement. Other service cost shall be
recognized in profit or loss unless accounting standards require or allow the inclusion of current service cost within the cost of assets.
Net interest on the net defined benefit liability (asset) comprising interest income on plan assets, interest cost on the defined benefit
obligation and interest on the effect of the asset ceiling, shall be included in profit or loss.
D.The amount recognized in other comprehensive income
Changes in the net liability or asset of the defined benefit plan resulting from the remeasurements including:
Actuarial gains and losses, the changes in the present value of the defined benefit obligation resulting from experience
adjustments or the effects of changes in actuarial assumptions;
Return on plan assets, excluding amounts included in net interest on the net defined benefit liability or asset;
Any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability
(asset).
Remeasurements of the net defined benefit liability (asset) recognized in other comprehensive income shall not be reclassified to
profit or loss in a subsequent period. However, the Company may transfer those amounts recognized in other comprehensive income
within equity.
(c) Termination benefits
The Company providing termination benefits to employees shall recognize an employee benefits liability for termination benefits,
with a corresponding charge to the profit or loss of the reporting period, at the earlier of the following dates:
(i) When the Company cannot unilaterally withdraw the offer of termination benefits because of an employment termination plan
or a curtailment proposal.
(ii) When the Company recognizes costs or expenses related to a restructuring that involves the payment of termination benefits.
If the termination benefits are not expected to be settled wholly before twelve months after the end of the annual reporting period, the
Company shall discount the termination benefits using relevant discount rate (market yields at the end of the reporting period on high
quality corporate bonds in active market or government bonds with the currency and term which shall be consistent with the currency
and estimated term of the defined benefit obligations) to measure the employee benefits.
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(d) Other long-term employee benefits
(i) Meet the conditions of the defined contribution plan
When other long-term employee benefits provided by the Company to the employees satisfies the conditions for classifying as a
defined contribution plan, all those benefits payable shall be accounted for as employee benefits payable at their discounted value.
(ii) Meet the conditions of the defined benefit plan
At the end of the reporting period, the Company recognized the cost of employee benefit from other long-term employee benefits as
the following components:
Service costs;
Net interest cost for net liability or asset of other long-term employee benefits
Changes resulting from the remeasurements of the net liability or asset of other long-term employee benefits
In order to simplify the accounting treatment, the net amount of above items shall be recognized in profit or loss or relevant cost of
assets.
3.25 Estimated Liabilities
(a) Recognition criteria of estimated liabilities
The Company recognizes the estimated liabilities when obligations related to contingencies satisfy all the following conditions:
(i) That obligation is a current obligation of the Company;
(ii) It is likely to cause any economic benefit to flow out of the Company as a result of performance of the obligation; and
(iii) The amount of the obligation can be measured reliably.
(b) Measurement method of estimated liabilities
The estimated liabilities of the Company are initially measured at the best estimate of expenses required for the performance of
relevant present obligations. The Company, when determining the best estimate, has had a comprehensive consideration of risks with
respect to contingencies, uncertainties and the time value of money. The carrying amount of the estimated liabilities shall be reviewed
at the end of every reporting period. If conclusive evidences indicate that the carrying amount fails to be the best estimate of the
estimated liabilities, the carrying amount shall be adjusted based on the updated best estimate.
3.26 Revenue
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(a)Revenue recognition principles
At contract inception, the Company shall assess the contracts and shall identify each performance
obligation in the contracts, and determine whether the performance obligation should be satisfied
over time or at a point in time.
The Company satisfies a performance obligation over time if one of the following criteria is met,
otherwise, the performance obligation is satisfied at a point in time:
(1) the customer simultaneously receives and consumes the economic benefits provided by the
Company’s performance as the Company performs;
(2) the customer can control goods as they are created by the Company’s performance;
(3) goods created during the Company’s performance have irreplaceable uses and the Company
has an enforceable right to receive the payments for performance completed to date during the
whole contract period.
For each performance obligation satisfied over time, the Company shall recognize revenue over
time by measuring the progress towards complete satisfaction of that performance obligation. In the
circumstance that the progress cannot be measured reasonably, but the costs incurred in satisfying
the performance obligation are expected to be recovered, the Company shall recognize revenue only
to the extent of the costs incurred until it can reasonably measure the progress. For each
performance obligation satisfied at a point in time, the Company shall recognize revenue at the time
point that the client obtains control of relevant goods or services. To determine whether the
customer has obtained control of goods, the Company shall consider the following indications:
(1) the Company has a present right to payment for the goods, i.e., the customer is presently obliged
to pay for the goods;
(2) the Company has transferred the legal title of the goods to the customer, i.e., the customer has
legal title to the goods;
(3) the Company has transferred physical possession of the goods to the client, i.e., the customer has
physically possessed the goods;
(4) the Company has transferred significant risks and rewards of ownership of the goods to the
client, i.e., the customer has obtained significant risks and rewards of ownership of the goods;
(5) the customer has accepted the goods;
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(6) other evidence indicating the customer has obtained control over the goods.
Sales return clause
For the sales with return clauses, when the customer obtains the control right of the relevant goods,
the company shall recognize the revenue according to the amount of consideration it is entitled to
obtain due to the transfer of the goods to the customer, and recognize the amount expected to be
returned due to the sales return as the estimated liability; at the same time, the company shall deduct
the estimated cost of recovering the goods according to the book value of the expected returned
goods at the time of transfer. The balance after deducting the value of the returned goods is
recognized as an asset, that is, the cost of return receivable, which is carried forward by deducting
the net cost of the above assets according to the book value of the transferred goods at the time of
transfer. On each balance sheet date, the Company re estimates the return of future sales and re
measures the above assets and liabilities.
Warranty obligations
According to the contract and legal provisions, the company provides quality assurance for the
goods sold and the projects constructed. For the guarantee quality assurance to ensure that the goods
sold meet the established standards, the company conducts accounting treatment in accordance with
the “Accounting Standards for Business Enterprises No. 13 – Contingencies”. For the service
quality assurance which provides a separate service in addition to guaranteeing that the goods sold
meet the established standards, the company takes it as a single performance obligation, allocates
part of the transaction price to the service quality assurance according to the relative proportion of
the separate selling price of the goods and service quality assurance, and recognizes the revenue
when the customer obtains the service control right. When evaluating whether the quality assurance
provides a separate service in addition to assuring customers that the goods sold meet the
established standards, the company considers whether the quality assurance is a statutory
requirement, the quality assurance period, and the nature of the company's commitment to perform
the task.
Principal responsible person and agent
The company has the right to determine the price of the traded goods after obtaining the control
right of the trading goods from the third party and then transferring it to the customer, that is, the
company can control the goods before transferring the trading goods to the customer. Therefore, the
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company is the main responsible person and recognizes the income according to the total
consideration received or receivable. Otherwise, the company, as the agent, shall recognize the
income according to the amount of commission or service charge that it is expected to be entitled to
receive, which shall be determined according to the net amount of the total consideration received
or receivable after deducting the price payable to other relevant parties, or according to the
established Commission amount or proportion.
Customer consideration payable
If there is consideration payable to the customer in the contract, unless the consideration is to obtain
other clearly distinguishable goods or services from the customer, the company will offset the
transaction price with the consideration payable, and offset the current income at the later time of
confirming the relevant income or paying (or promising to pay) the customer's consideration.
Contractual rights not exercised by customers
If the company advances sales of goods or services to customers, the amount shall be recognized as
liabilities first, and then converted into income when relevant performance obligations are fulfilled.
When the company does not need to return the advance payment and the customer may give up all
or part of the contract rights, if the company expects to have the right to obtain the amount related
to the contract rights given up by the customer, the above amount shall be recognized as income in
proportion according to the mode of the customer exercising the contract rights; otherwise, the
company only has the very low possibility of the customer requiring to perform the remaining
performance obligations The relevant balance of the above liabilities is converted into income.
(b) Revenue recognition method adopted by the Company
(i) Goods sales contract
The sales contract between the company and the customer includes the performance obligation of transferring the goods, which
belongs to the performance obligation at a certain time point.
The recognition of automobile sales revenue and jewelry wholesale revenue shall meet the following conditions: the company has
delivered the goods to the customer according to the contract, the customer has accepted the goods, the payment for goods has been
collected or the receipt has been obtained, and the relevant economic benefits are likely to flow in, the main risks and rewards of the
ownership of the goods have been transferred, and the legal ownership of the goods has been transferred.
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(ii) Auto maintenance and testing contract
The performance obligations included in the automobile maintenance and testing contract between the company and its customers
belong to the performance obligations at a certain time point.
The following conditions shall be met for the recognition of automobile maintenance and testing Revenue: the company has
completed automobile maintenance and testing services according to the contract, settled all materials and working hours expenses
with customers, and allowed customers' vehicles to leave the company's maintenance plant.
(iii) Service contract
The service contract between the company and the customer includes the performance obligation of the service related to the rental
real estate. As the company's performance at the same time, the customer obtains and consumes the economic benefits brought by the
company's performance, the company takes it as the performance obligation within a certain period of time, and allocates it equally
during the service provision period.
(iv) Real estate lease contract
Please refer to Note 3.29 LEASES for the revenue recognition method for real estate lease contract.
3.27 Government Grants
(a) Recognition of government grants
A government grant shall not be recgonised until there is reasonable assurance that:
(i) The Company will comply with the conditions attaching to them; and
(ii) The grants will be received.
(b) Measurement of government grants
Monetary grants from the government shall be measured at amount received or receivable, and non-monetary grants from the
government shall be measured at their fair value or at a nominal value of CNY 1.00 when reliable fair value is not available.
(c) Accounting for government grants
(i) Government grants related to assets
Government grants pertinent to assets mean the government grants that are obtained by the Company used for purchase or
construction, or forming the long-term assets by other ways. Government grants pertinent to assets shall be recognized as deferred
income, and should be recognized in profit or loss on a systematic basis over the useful lives of the relevant assets. Grants measured
at their nominal value shall be directly recognized in profit or loss of the period when the grants are received. When the relevant
assets are sold, transferred, written off or damaged before the assets are terminated, the remaining deferred income shall be
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transferred into profit or loss of the period of disposing relevant assets.
(ii) Government grants related to income
Government grants other than related to assets are classified as government grants related to income. Government grants related to
income are accounted for in accordance with the following principles:
If the government grants related to income are used to compensate the enterprise’ relevant expenses or losses in future periods, such
government grants shall be recognized as deferred income and included into profit or loss (or write down related expenses) in the
same period as the relevant expenses or losses are recognized;
If the government grants related to income are used to compensate the enterprise ’ s relevant expenses or losses incurred, such
government grants are directly recognized into current profit or loss (or write down related expenses).
For government grants comprised of part related to assets as well as part related to income, each part is accounted for separately; if it
is difficult to identify different part, the government grants are accounted for as government grants related to income as a whole.
Government grants related to daily operation activities are recognized in other income (or write down related expenses) in
accordance with the nature of the activities, and government grants irrelevant to daily operation activities are recognized in
non-operating income.
(iii) Repayment of the government grants
Repayment of the government grants shall be recorded by increasing the carrying amount of the asset if the book value of the asset
has been written down, or reducing the balance of relevant deferred income if deferred income balance exists, any excess will be
recognized into current profit or loss; or directly recognized into current profit or loss for other circumstances.
3.28 Deferred Tax Assets and Deferred Tax Liabilities
Temporary differences are differences between the carrying amount of an asset or liability in the
statement of financial position and its tax base at the balance sheet date. The Company recognize
and measure the effect of taxable temporary differences and deductible temporary differences on
income tax as deferred tax liabilities or deferred tax assets using liability method. Deferred tax
assets and deferred tax liabilities shall not be discounted.
(a) Recognition of deferred tax assets
Deferred tax assets should be recognized for deductible temporary differences, the carryforward of unused tax losses and the
carryforward of unused tax credits to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, the carryforward of unused tax losses and the carryforward of unused tax credits can be utilised at the tax rates
that are expected to apply to the period when the asset is realised, unless the deferred tax asset arises from the initial recognition of an
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asset or liability in a transaction that:
(i) Is not a business combination; and
(ii) At the time of the transaction, affects neither accounting profit nor taxable profit (tax loss)
The Company shall recognize a deferred tax asset for all deductible temporary differences arising from investments in subsidiaries,
associates and joint ventures, only to the extent that, it is probable that:
(i) The temporary difference will reverse in the foreseeable future; and
(ii) Taxable profit will be available against which the deductible temporary difference can be utilised.
At the end of each reporting period, if there is sufficient evidence that it is probable that taxable profit will be available against which
the deductible temporary difference can be utilized, the Company recognizes a previously unrecognized deferred tax asset.
The carrying amount of a deferred tax asset shall be reviewed at the end of each reporting period. The Company shall reduce the
carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to
allow the benefit of part or all of that deferred tax asset to be utilised. Any such reduction shall be reversed to the extent that it
becomes probable that sufficient taxable profit will be available.
(b) Recognition of deferred tax liabilities
A deferred tax liability shall be recognized for all taxable temporary differences at the tax rate that are expected to apply to the period
when the liability is settled.
(i) No deferred tax liability shall be recognized for taxable temporary differences arising from:
The initial recognition of goodwill; or
The initial recognition of an asset or liability in a transaction which: is not a business combination; and at the time of the
transaction, affects neither accounting profit nor taxable profit (tax loss)
(ii) An entity shall recognize a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries,
associates, and joint ventures, except to the extent that both of the following conditions are satisfied:
The Company is able to control the timing of the reversal of the temporary difference; and
It is probable that the temporary difference will not reverse in the foreseeable future.
(c) Recognition of deferred tax liabilities or assets involved in special transactions or events
(i) Deferred tax liabilities or assets related to business combination
For the taxable temporary difference or deductible temporary difference arising from a business combination not under common
control, a deferred tax liability or a deferred tax asset shall be recognized, and simultaneously, goodwill recognized in the business
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combination shall be adjusted based on relevant deferred tax expense (income).
(ii) Items directly recognized in equity
Current tax and deferred tax related to items that are recognized directly in equity shall be recognized in equity. Such items include:
other comprehensive income generated from fair value fluctuation of available for sale investments; an adjustment to the opening
balance of retained earnings resulting from either a change in accounting policy that is applied retrospectively or the correction of a
prior period (significant) error; amounts arising on initial recognition of the equity component of a compound financial instrument
that contains both liability and equity component.
(iii) Unused tax losses and unused tax credits
A. Unused tax losses and unused tax credits generated from daily operation of the Company itself
Deductible loss refers to the loss calculated and permitted according to the requirement of tax law that can be offset against taxable
income in future periods. The criteria for recognizing deferred tax assets arising from the carryforward of unused tax losses and tax
credits are the same as the criteria for recognizing deferred tax assets arising from deductible temporary differences. The Company
recognizes a deferred tax asset arising from unused tax losses or tax credits only to the extent that there is convincing other evidence
that sufficient taxable profit will be available against which the unused tax losses or unused tax credits can be utilized by the
Company. Income taxes in current profit or loss shall be deducted as well.
B. Unused tax losses and unused tax credits arising from a business combination
Under a business combination, the acquiree’s deductible temporary differences which do not satisfy the criteria at the acquisition
date for recognition of deferred tax asset shall not be recognized. Within 12 months after the acquisition date, if new information
regarding the facts and circumstances exists at the acquisition date and the economic benefit of the acquiree’s deductible temporary
differences at the acquisition is expected to be realized, the Company shall recognize acquired deferred tax benefits and reduce the
carrying amount of any goodwill related to this acquisition. If goodwill is reduced to zero, any remaining deferred tax benefits shall
be recognized in profit or loss. All other acquired deferred tax benefits realized shall be recognized in profit or loss.
(iv) Temporary difference generated in consolidation elimination
When preparing consolidated financial statements, if temporary difference between carrying value of the assets and liabilities in the
consolidated financial statements and their taxable bases is generated from elimination of inter-Company unrealized profit or loss,
deferred tax assets or deferred tax liabilities shall be recognized in the consolidated financial statements, and income taxes expense in
current profit or loss shall be adjusted as well except for deferred tax related to transactions or events recognized directly in equity
and business combination.
(v) Share-based payment settled by equity
If tax authority permits tax deduction that relates to share-based payment, during the period in which the expenses are recognized
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according to the accounting standards, the Company estimates the tax base in accordance with available information at the end of the
accounting period and the temporary difference arising from it. Deferred tax shall be recognized when criteria of recognition are
satisfied. If the amount of estimated future tax deduction exceeds the amount of the cumulative expenses related to share-based
payment recognized according to the accounting standards, the tax effect of the excess amount shall be recognized directly in equity.
3.29 Leases
Effective at 1 January 2021
1)Identifying a lease
At inception of a contract, the Company shall assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if
the contract conveys the right to control the use of one or more identified assets for a period of time in exchange for consideration. To
assess whether a contract conveys the right to control the use of an identified asset for a period of time, the Company shall assess
whether, throughout the period of use, the customer has the right to obtain substantially all of the economic benefits from use of the
identified asset and to direct the use of the identified asset.
2)Identifying a separate lease component
When a contract includes more than one separate lease components, the Company shall separate components of the contract and
account for each lease component separately. The right to use an underlying asset is a separate lease component if both conditions
have been satisfied: (i) the lessee can benefit from use of the underlying asset either on its own or together with other resources that
are readily available to the lessee; (ii) the underlying asset is neither highly dependent on, nor highly interrelated with, the other
underlying assets in the contract.
3)The Company as a lessee
At the commencement date, the Company identifies the lease that has a lease term of 12 months or less and does not contain a
purchase option as a short-term lease. A lease qualifies as a lease of a low-value asset if the nature of the asset is such that, when new,
the asset is typically of low value. If the Company subleases an asset, or expects to sublease an asset, the head lease does not qualify
as a lease of a low-value asset.
For short-term leases for which the underlying asset is of low value, the Company shall recognize the lease payments associated with
those leases as cost of relevant asset or expenses in current profit or loss on a straight-line basis method over the lease term.
Except for the election of simple treatment as short-term lease or lease of a low-value asset as mentioned above, at the
commencement date, the Company shall recognize a right-of-use asset and a lease liability.
3-1) Right-of-use asset
A right-of-use asset is an asset that represents a lessee’s right to use an underlying asset for the lease term.
At the commencement date, the Company shall initially measure the right-of-use asset at cost. The cost of the right-of-use asset shall
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comprise:
The amount of the initial measurement of the lease liability.
Any lease payments made at or before the commencement date, less any lease incentives received.
Any initial direct costs incurred by the lessee.
An estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site
on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. The
Company recognizes and measures the cost in accordance with the recognition criteria and measurement method for estimated
liabilities, details please refer to Notes 3.25. Those costs incurred to produce inventories shall be included in the cost of
inventories.
The right-of-use asset shall be depreciated according to the categories using straight‐line method (or units of production method,
double declining balance method and sum of the years digit method). If it is reasonably certain that the ownership of the underlying
asset shall be transferred to the lessee by the end of the lease term, the depreciation rate shall be determined based on the
classification of the right-of- use asset and estimated residual value rate from the commencement date to the end of the useful life of
the underlying asset. Otherwise, the depreciation rate shall be determined based on the classification of the right-of-use asset from the
commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
3-2) Lease liability
At the commencement date, the lease liability shall be measured at the present value of the lease payments that are not paid at that
date. The lease payments included in the measurement of the lease liability comprise the following 5 items:
Fixed payments and in-substance fixed payments, less any lease incentives receivable.
Variable lease payments that depend on an index or a rate.
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option.
Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate
the lease.
Amounts expected to be payable by the lessee under residual value guarantees.
In order to calculate the present value of the lease payments, interest rate implicit in the lease shall be used as the discount rate. If that
rate cannot be readily determined, the Company shall use the incremental borrowing rate. The difference between the lease payments
and its present value shall be recognized as unrecognized financing charges, calculated bases on the discount rate of the present value
of the lease payments in each period within the lease term and recorded as interest expense in current profit or loss. Variable lease
payments not included in the measurement of lease liabilities shall be recognized in current profit or loss when incurred.
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After the commencement date, the Company shall remeasure the lease liability based on the revised present value of the lease
payments and adjust the carrying amount of the right-of-use asset if there is a change in the in-substance fixed payments, or change
in the amounts expected to be payable under a residual value guarantee, or change in an index or a rate used to determine lease
payments, or change in the assessment or exercising of an option to purchase the underlying asset, or an option to extend or terminate
the lease.
4)The Company as a lessor
At the commencement date, the Company shall classify a lease as a finance lease if it transfers substantially all the risks and rewards
incidental to ownership of an underlying asset, otherwise it shall be classified as an operating lease.
4-1) Operating leases
The Company shall recognize lease payments from operating leases as income on a straight-line basis / units of production method
(or other systematic and rational basis) over the term of the relevant lease and the initial direct costs incurred in obtaining an
operating lease shall be capitalized and recognized as an expense over the lease term on the same basis as the lease income. The
Company shall recognize the variable lease payments relating to the operating lease but not included in the measurement of the lease
receivables into current profit or loss when incurred.
4-2) Finance leases
At the commencement date, the Company shall recognize the lease receivables at an account equal to the net investment in the lease
(the sum of the present value of the unguaranteed residual values and the lease payment that are not received at the commencement
date discounted at the interest rate implicit in the lease) and derecognize the asset relating to the finance lease. The Company shall
recognize interest income using the interest rate implicit in the lease over the lease term.
The Company shall recognize the variable lease payments relating to the finance lease but not included in the measurement of the net
investment in the lease into current profit or loss when incurred.
5)Lease modifications
5-1) A lease modification accounted for as a separate lease
The Company shall account for a modification to a lease as a separate lease, if both:
the modification increases the scope of the lease by adding the right to use one or more underlying assets; and
the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in
scope.
5-2) A lease modification not accounted for as a separate lease
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A. The Company as a lessee
At the effective date of the lease modification, the Company shall redetermine the lease term of the modified lease and remeasure the
lease liability by discounting the revised lease payments using a revised discount rate. The revised discount rate is determined as the
interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or the incremental
borrowing rate at the effective date of the modification, if the interest rate implicit in the lease cannot be readily determined.
The Company shall account for the remeasurement of the lease liability by:
Decreasing the carrying amount of the right-of-use asset to reflect the partial or full termination of the lease for
lease modifications that decrease the scope of the lease or shorten the lease term. The Company shall recognize in profit or loss
any gain or loss relating to the partial or full termination of the lease.
Making a corresponding adjustment to the carrying amount of the right-of-use asset for all other lease
modifications.
B. The Company as a lessor
The Company shall account for a modification to an operating lease as a new lease from the effective date of the modification,
considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease.
For a modification to a finance lease that is not accounted for as a separate lease, the Company shall account for the modification as
follows:
If the lease would have been classified as an operating lease had the modification been in effect at the inception date,
the Company shall account for the lease modification as a new lease from the effective date of the modification and measure
the carrying amount of the underlying asset as the net investment in the lease immediately before the effective date of the lease
modification;
If the lease would have been classified as a finance lease had the modification been in effect at the inception date,
the Company shall account for the lease modification according to the requirements in the modification or renegotiation of the
contract.
6) Sale and leaseback transaction
For the sale and leaseback transactions existing before the first execution date, the company will not revaluate whether the asset
transfer meets the provisions of Note3.26 on accounting treatment as sales on the first execution date.
6-1) For the sale and leaseback transactions that should be accounted for as sales and financial leases before the first execution date,
the company, as the seller (lessee), will account for leaseback in the same way as other financial leases, and continue to amortize
relevant deferred income or loss within the lease term.
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6-2) For the sale and leaseback transactions that are accounted for as sales and operating leases before the first execution date, the
company, as the seller (lessee), shall account for the leaseback in the same way as other operating leases, and adjust the right to use
assets according to the relevant deferred income or loss recorded in the balance sheet before the first execution date.
3.30 Significant Accounting Policies and Accounting Estimates
Based on the historical experience and other factors, including appropriate expectations of future events, the Company
performed continuous assessment of important accounting estimates and key assumptions. The samples of important accounting
estimates and key assumptions that are likely to result in significant adjustment risk of the book value of assets and liabilities in the
next accounting year are as follows:
Classification of financial assets
The major judgments involved in determining the classification of financial assets include the analysis of business model and
contract cash flow characteristics.
The Company determines the business model of managing financial assets at the level of financial portfolios. The factors
considered include the way to evaluate and report the performance of financial assets to key management personnel, the risks
affecting the performance of financial assets and their management methods, as well as the way for relevant business management
personnel to obtain remuneration, etc.
When evaluating whether the contract cash flow of financial assets is consistent with the basic loan arrangements, the Company
has the following main judgments: whether the time distribution or amount of the principal may change in the duration due to
prepayment and other reasons; whether the interest only includes the time value of money, credit risk, other basic lending risks and
the consideration with cost and profit. For example, does the amount of prepayment only reflect the outstanding principal and the
interest based on the outstanding principal, as well as the reasonable compensation paid for the early termination of the contract.
Measurement of expected credit loss of accounts receivable
The Company calculates the expected credit loss of accounts receivable through the default risk exposure of accounts receivable
and the expected credit loss rate, and determines the expected credit loss rate based on the default probability and the default loss rate.
In determining the expected credit loss rate, the Company uses data including the internal historical credit loss experience, and
adjusts the historical data according to the current situation and forward-looking information. When considering forward-looking
information, the indicators used by the Company include the risk of economic downturn, changes in external market environment,
technical environment and customer situation, etc. The Company regularly monitors and reviews the assumptions related to the
calculation of expected credit loss.
Deferred tax assets
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To the extent that there is likely to be sufficient taxable profits to offset the losses, deferred income
tax assets should be recognized for all unused tax losses. The management has to perform a lot of
judgment to estimate the time and amount of future taxable profits, combined with tax planning
strategy, to determine the amount of deferred income tax assets that should be recognized.
Determination of fair value of unlisted equity investment
The fair value of unlisted equity investment is the estimated future cash flow discounted according
to the current discount rate of projects with similar terms and risk characteristics. This kind of
valuation requires the company to estimate the expected future cash flow and discount rate, so it is
uncertain. In limited circumstances, if the information used to determine the fair value is
insufficient, or the distribution range of the possible estimated amount of the fair value is wide, and
the cost represents the best estimate of the fair value within the range, the cost can represent the
appropriate estimate of the fair value within the distribution range.
3.31 Changes in Significant Accounting Policies and Accounting Estimates
(a) Changes in accounting polices
On 7 December 2018, the Ministry of Finance released the “Accounting Standards for Business
Enterprises No. 21 - Lease” (hereinafter referred as to the “new lease standard”). The Company
applied the new lease standard for the annual reporting period beginning on 1 January 2021, and
modified the accounting policies accordingly. For details, please refer to Note 3.29.
For a contract that has existed before the date of initially applying the new lease standard, the
Company chooses not to re-assess whether this contract is or contains a lease.
For a contract signed or modified after the date of initially applying the new lease standard, the
Company assesses whether this contract is or contains a lease in accordance the definition of lease
in the new lease standard.
1) The Company as a lessee
The Company chooses to recognize the cumulative impact of initially applying this standard as an
adjustment to the opening balance of retained earnings and other related accounts of the financial
statements at the date of initial application (1 January 2021), not restating comparative information.
For leases previously classified as finance leases, the carrying amount of the right-of-use asset
and the lease liability at the date of initial application shall be the carrying amount of the lease
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asset and finance lease payable immediately before that date measured applying previous
standard.
For leases previously classified as operating leases, the Company measured that lease liability
at the present value of the remaining lease payments, discounted using the lessee’s incremental
borrowing rate at the date of initial application, and on a lease-by-lease basis, measures that
right-of-use asset at an amount equal to the lease liability adjusted by the amount of any
prepaid or accrued lease payments relating to that lease recognized in the statement of financial
position immediately before the date of initial application. [or: measures that right-of-use asset
at its carrying amount as if the standard had been applied since the commencement date, but
discounted using the lessee’s incremental borrowing rate at the date of initial application]
The Company tests whether the right-of-use asset has been impaired and accounts for
the impairment loss according to Note 3.21 at the date of initial application.
The Company accounts for the operating lease for which the underlying asset is of low value in a
simplified method in which no right-of-use asset and lease liability need to be recognized. In
addition, the Company uses one or more of the following practical expedients for leases previously
classified as operating leases:
Account for the leases for which the lease term ends within 12 months of the date of initial
application in the same way as short-term leases.
Apply a single discount rate to a portfolio of leases with reasonably similar characteristics
when measuring the lease liability.
Exclude initial direct costs from the measurement of the right-of-use asset.
Use hindsight in determining the lease term if the contract contains options to extend or
terminate the lease.
Rely on its assessment of whether leases are onerous applying “ Accounting Standards for
Business Enterprises No 13-Contingencies” immediately before the date of initial application
as an alternative to performing an impairment review, and adjust the right-of-use asset at the
date of initial application by the amount of any provision for onerous leases recognized in the
statement of financial position immediately before the date of initial application.
Account for the lease based on the final contract term if the lease was modified before the date
of initial application.
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2)The Company as a lessor
The Company, as the intermediate lessor, reassesses subleases previously classified as operating
leases and are ongoing at the date of initial application, to determine whether each sublease should
be classified as an operating lease or a finance lease at the date of initial application on the basis of
the remaining contractual terms and conditions of the head lease and sublease at that date. Except
for the above-mentioned situation, the Company does not make any adjustments on transition for
leases in which it is a lessor and accounts for those leases applying this Standard from the date of
initial application.
3)Sale and leaseback transaction
For the sale and leaseback transactions existing before the first execution date, the company will not
revaluate whether the asset transfer meets the provisions of Note3.26 on accounting treatment as
sales on the first execution date.
For the sale and leaseback transactions that should be accounted for as sales and financial leases
before the first execution date, the company, as the seller (lessee), will account for leaseback in the
same way as other financial leases, and continue to amortize relevant deferred income or loss within
the lease term.
For the sale and leaseback transactions that are accounted for as sales and operating leases before
the first execution date, the company, as the seller (lessee), shall account for the leaseback in the
same way as other operating leases, and adjust the right to use assets according to the relevant
deferred income or loss recorded in the balance sheet before the first execution date.
The cumulative impact of the above accounting policies is as follows:
Due to the implementation of the new leasing standards, the consolidated financial statements of the
company are adjusted accordingly. On January 1, 2021, the right-of-use assets are CNY
9,894,351.89, the lease liabilities are CNY 7,285,946.35, and the non-current liabilities due within
one year are CNY 2,608,405.54. Relevant adjustments have no impact on the shareholders' equity
attributable to the parent company in the consolidated financial statements of the company. The
financial statements of the parent company of the company need not be adjusted.
The above changes in accounting policies have been approved by the company at the 10th meeting
of the ninth board of directors held on April 15, 2021.
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(b) Significant changes in accounting estimates
The Company has no significant changes in accounting estimates for the reporting period.
(c) Adjustments of the financial statements at the beginning of the reporting period for the first year adoption of new lease
standards.
Consolidated Financial Statements
Unit: Yuan Currency: CNY
Items 31 December 2020 1 January 2021 Adjustment
Right-of-use asset not applicable 9,894,351.89 9,894,351.89
Non-current liabilities due
2,608,405.54 2,608,405.54
within one year
Lease liabilities not applicable 7,285,946.35 7,285,946.35
Description of adjustment of each item:
On January 1, 2021, for the operating lease before the first execution date, the company adopts the
present value after discounting the incremental loan interest rate before the first execution date to
measure the lease liability, with an amount of CNY 9,894,351.89, of which CNY 2,608,405.54 due
within one year is reclassified to non-current liabilities due within one year. The company measures
the right-of-use assets of CNY 9,894,351.89 according to the amount equal to the lease liability and
the necessary adjustment according to the prepaid rent. There is no decrease in prepayments.
Note 4. TAXATION
4.1 Major Categories of Tax and Tax Rates Applicable to the Company
axes Tax bases Tax rates
The taxable revenue from sales of goods or 13%，11%，9%，5%，
Value-added tax (VAT)
rendering of services 6%，3%
Consumption tax The taxable revenue from sales of goods 10%
For housing property levied on the basis of
price, housing property tax is levied at the
Housing property tax rate of 1.2% of the balance after deducting 1.2%、12%
30% of the cost; for housing property levied
on the basis of rent, housing property tax is
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axes Tax bases Tax rates
levied at the rate of 12% of rent revenue.
Urban maintenance and
Turnover tax payable 7%
construction tax
Education surcharge Turnover tax payable 3%
Local education surcharge Turnover tax payable 2%
Enterprise income tax Taxable income 20%、25%
Tax rates of income tax of different subsidiaries are stated as below:
Name of Taxpayer Rate of Income Tax
深圳市新永通机动车检测设备有限公司 (Shenzhen Xinyongtong Auto
20%
Vehicle Inspection Equipment Co., Ltd.)
深圳市华日安信汽车检测有限公司 (Shenzhen Huari Anxin Automobile
20%
Inspection Co., Ltd.)
深圳市特力创盈科技有限公司(Shenzhen Tellus Chuangying Technology
20%
Co., Ltd.)
Taxpayers other than the above-mentioned 25%
4.2 Tax Preference
Pursuant to the document numbered Cai Shui [2019] 13 issued by State Taxation Administration,
Shenzhen Xinyongtong Auto Vehicle Inspection Equipment Co., Ltd. and Shenzhen Huari Anxin
Auto Vehicle Inspection Co., Ltd. enjoys the preferential tax policy for micro and small-sized
enterprises, and is subject to the enterprise income tax rate of 20%.
Note 5. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5.1 Monetary funds
(1) Details
Items 31 Dec 2021 31 Dec 2020
Cash on hand 36,941.24 20,542.55
Cash in bank 240,545,115.92 237,605,156.38
Total 240,582,057.16 237,625,698.93
(1) The bank deposit of CNY 26,926,471.30 is the supervision fund of the company's development
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of plot 03 of the upgrading and reconstruction project of Tellus-Jimeng gold jewelry industrial park.
The performance guarantee fund is 2,000,000.00 CNY. In addition, there is no other money with
limited use and potential recovery risk due to mortgage, pledge or freezing in the monetary fund at
the end of the period.
5.2 Held-for-trading financial assets
Items 31 Dec 2021 31 Dec 2020
Financial assets classified as at fair value
412,712,843.84 314,013,869.86
through profit or loss
Including: Debt instrument investments 412,712,843.84 314,013,869.86
Total 412,712,843.84 314,013,869.86
The trading financial assets at the end of the period increased by 31.43% compared with the
beginning of the period, mainly due to the company using idle self-owned funds for cash
management.
5.3 Accounts receivable
(1) Details on ages
Items 31 Dec 2021 31 Dec 2020
Within 1 year 18,274,113.05 20,025,574.10
1-2 years 3,360.00
2-3 years 3,360.00
Over 3 years 48,781,485.16 49,125,862.29
Subtotal 67,058,958.21 69,154,796.39
Less: provision for bad debts 48,964,898.29 49,326,286.03
Total 18,094,059.92 19,828,510.36
(2) Details on categories
Closing balance
Book balance Provision for bad debts
Categories Provision
Carrying amount
Amount % to total Amount proportion
(%)
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Closing balance
Book balance Provision for bad debts
Categories Provision
Carrying amount
Amount % to total Amount proportion
(%)
Receivables with 48,781,485.16 72.74 48,781,485.16 100.00
provision made on
an individual basis
Receivables with 18,277,473.05 27.26 183,413.13 1.00 18,094,059.92
provision made on
a collective basis
Total 67,058,958.21 100.00 48,964,898.29 73.02 18,094,059.92
(Continued)
Opening balance
Book balance Provision for bad debts
Categories Provision
Carrying amount
Amount % to total Amount proportion
(%)
Receivables with 49,125,862.29 71.04 49,125,862.29 100.00
provision made on
an individual basis
Receivables with 20,028,934.10 28.96 200,423.74 1.00 19,828,510.36
provision made on
a collective basis
Total 69,154,796.39 100.00 49,326,286.03 71.33 19,828,510.36
Specific description of provision for bad debts:
(a) Accounts receivable with provision made on an individual basis
Provision for Provision
Debtors Book balance Reasons
bad debts proportion (%)
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Provision for Provision
Debtors Book balance Reasons
bad debts proportion (%)
深圳市金路工贸公司 Expected to be
(Shenzhen Jinlu Industrial 9,846,607.00 9,846,607.00 100.00 unrecoverable
and Trading Co., Ltd.) due to long ages
广东 湛江 三星 汽车 股份 有
Expected to be
限 公 司 (Guangdong
4,060,329.44 4,060,329.44 100.00 unrecoverable
Zhanjiang Sanxing
due to long ages
Automobile Co., Ltd.*)
Expected to be
王昌龙
2,370,760.40 2,370,760.40 100.00 unrecoverable
(WANG Changlong)
due to long ages
惠州 市建 达城 道桥 工程 公
Expected to be
司 (Huizhou Jiandacheng
2,021,657.70 2,021,657.70 100.00 unrecoverable
Road and Bridge
due to long ages
Engineering Co., Ltd.*)
江铃汽车制造厂 Expected to be
(Jiangling Automobile 1,191,059.98 1,191,059.98 100.00 unrecoverable
Factory*) due to long ages
阳江市汽车贸易有限公司 Expected to be
(Yangjiang Automobile 1,150,000.00 1,150,000.00 100.00 unrecoverable
Trading Co., Ltd.*) due to long ages
广东省物资集团 Expected to be
(Guangdong Materials 1,862,000.00 1,862,000.00 100.00 unrecoverable
Group Corporation*) due to long ages
Expected to be
Others 26,279,070.64 26,279,070.64 100.00 unrecoverable
due to long ages
Subtotal 48,781,485.16 48,781,485.16 100.00
The English names are for identification purpose only.
*
The English names are for identification purpose only.
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(b) Account receivables with provision for bad debts made on a collective basis using age analysis method
31 Dec 2021
Ages
Book balance Provision for bad debts Provision proportion (%)
Within 1 year 18,274,113.05 182,741.13 1.00
1 - 2 years
2 - 3years 3,360.00 672.00 20.00
Subtotal 18,277,473.05 183,413.13 1.00
(Continued)
31 Dec 2020
Ages
Book balance Provision for bad debts Provision proportion (%)
Within 1 year 20,025,574.10 200,255.74 1.00
1 - 2 years 3,360.00 168.00 5.00
2 - 3years
Subtotal 20,028,934.10 200,423.74 1.00
The confirmation standard and description of provision for bad debts made on a collective basis,
please refer to Note 3.10.
(3) Changes in provision for bad debts
Increase Decrease
Opening Closing
Items Recover Othe
balance Accrual Others Reversal Written-off* balance
y rs
Receivables 49,125,862.29 344,377.13 48,781,485.16
with
provision
made on an
individual
basis
Receivables 200,423.74 -17,010.61 183,413.13
with
provision
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Increase Decrease
Opening Closing
Items Recover Othe
balance Accrual Others Reversal Written-off* balance
y rs
made on a
collective
basis
Subtotal 49,326,286.03 -17,010.61 344,377.13 48,964,898.29
* Refer to the cancellation of subsidiaries in the current period and the written-off of the originally
accrued bad debt provision.
(4) Details of the top 5 debtors with largest balances
Proportion to the total
Provision for
Debtors Book balance balance of accounts
bad debts
receivable (%)
深 圳 市 金 路 工 贸 公 司 (Shenzhen Jinlu 9,846,607.00 14.68
9,846,607.00
industry and Trade Co., Ltd.*)
广东湛江三星汽车股份有限公司 4,060,329.44 6.05
(Guangdong Samsung Automobile Co., 4,060,329.44
Ltd.*)
深圳市尚金缘珠宝实业有限公司
(Shenzhen shangjinyuan Jewelry Industry 2,981,007.49 4.45 29,810.07
Co., Ltd.*)
王昌龙(Wang Changlong) 2,370,760.40 3.54 2,370,760.40
广 东 省 物 资 集 团 (Guangdong Materials 2,021,657.70 3.01
2,021,657.70
Group)
31.73 18,329,164.61
Subtotal
21,280,362.03
5.4 Prepayments
(1) Details on ages
31 Dec 2021 31 Dec 2020
Ages
Book balance % to total Book balance % to total
Within 1 year 16,519,701.91 99.92 9,834,423.80 99.86
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
31 Dec 2021 31 Dec 2020
Ages
Book balance % to total Book balance % to total
1-2 years 800 0.01
2-3 years 632 0.01
Over 3 years 12,525.94 0.08 11,893.94 0.12
Total 16,532,227.85 100 9,847,749.74 100
The prepayment at the end of the period increased by 67.88% compared with the beginning of the
period, mainly due to the increase of the company's prepayment for automobile purchase.
(2) Details of the top 5 debtors with largest balances
Proportion to the total balance
Debtors Book balance
of advances paid (%)
一汽丰田汽车销售有限公司
12,801,407.73 77.43
(FAW Toyota Motor Sales Co., Ltd.)
丰田汽车(中国)投资有限公司
2,776,364.00 16.79
(Toyota Motor (China) Investment Co., Ltd.*)
深圳三粤广告传媒有限公司
(Shenzhen Sanyue advertising media Co., 253,750.00 1.54
Ltd)
小鹏汽车销售有限公司
264,431.18 1.6
(Xiaopeng Automobile Sales Co., Ltd.*)
深圳市燃气集团股份有限公司
127,005.50 0.77
(Shenzhen Gas Corporation Ltd.*)
Subtotal 16,222,958.41 98.13
5.5 Other Receivables
(1) Details
Items Closing balance Opening balance
Interest receivable
Dividend receivable 547,184.35 24,647,732.42
The English names are for identification purpose only.
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Items Closing balance Opening balance
Other receivables 4,525,786.42 4,622,058.41
Total 5,072,970.77 29,269,790.83
Other receivables at the end of the period decreased by 82.67% compared with the beginning of the
period, mainly due to the recovery of dividends from the original associate Shenzhen Dongfeng
Automobile Co., Ltd.
(2) Dividend receivable
(a) Details
Items Closing balance Opening balance
中国浦发机械工业股份有限公司
547,184.35 547,184.35
(China Perfect Machinery Industry Corp., Ltd.)
深圳东风汽车有限公司
24,100,548.07
(Shenzhen Dongfeng Automobile Co., Ltd.*)
Subtotal 547,184.35 24,647,732.42
Less: provision for bad debts
Total 547,184.35 24,647,732.42
(b) Dividend receivable over 1 year
Items Closing balance Ages Reasons Notes
中国浦发机械工业股份有
限公司 2-3 No
547,184.35 Not yet paid
(China Perfect Machinery years impairment
Industry Corp., Ltd.)
Total 547,184.35
(3) Other receivables
(a) Other receivables categorized by ages
Ages Closing Balance Opening Balance
Within 1 year 1,585,442.66 1,800,294.61
The English names are for identification purpose only.
The English names are for identification purpose only.
187
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Ages Closing Balance Opening Balance
1 – 2 years 531,458.10 161,722.86
2 – 3 years 82,621.56 417,554.97
Over 3 years 54,068,194.72 54,005,535.26
Subtotal 56,267,717.04 56,385,107.70
Less: provision for bad debts 51,741,930.62 51,763,049.29
Total 4,525,786.42 4,622,058.41
(b) Other receivables categorized by nature
Nature of receivables Closing balance Opening balance
Deposit as security 598,861.89 477,190.50
Reserve fund 13,822.20
Temporary advance payment receivable 55,668,855.15 55,894,095.00
Subtotal 56,267,717.04 56,385,107.70
Less: provision for bad debts 51,741,930.62 51,763,049.29
Total 4,525,786.42 4,622,058.41
(c) Other receivables categorized by methods of provision for bad debts
A. As of 2021-12-31, provision for bad debts according to the model of phase
I/II/III:
Phase Closing balance Provision for bad debts Opening balance
I 2,199,522.32 58,951.65 2,140,570.67
II
III 54,068,194.72 51,682,978.97 2,385,215.75
Total 56,267,717.04 51,741,930.62 4,525,786.42
As of 2021-12-31, provision for bad debts at phase I:
Provision Provision Reasons for
Carrying
Catagories Book Balance proportion for bad provision
Amount
(%) debts made
188
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Provision Provision Reasons for
Carrying
Catagories Book Balance proportion for bad provision
Amount
(%) debts made
Receivables with
provision made on
an individual basis
Receivables with
provision made on a 2,199,522.32 2.68 58,951.65 2,140,570.67
collective basis
no dramatic
1. P
credit risk
ortfolio grouped 1,629,772.93 2.17 35,331.04 1,594,441.89
change after
with ages
confirmed
2. no P dramatic
ortfolio grouped credit risk
569,749.39 4.15 23,620.61 546,128.78
with deposit as change after
security confirmed
Total 2,199,522.32 2.68 58,951.65 2,140,570.67
As of 2021-12-31, provision for bad debts at phase III:
Provision Reasons for
Provision for Carrying
Catagories Book Balance proportion provision
bad debts Amount
(%) made
credit risk
Receivables with change
provision made on 49,297,763.20 100 49,297,763.20 dramatically
an individual basis after
confirmed
Receivables with
provision made on a 4,770,431.52 50 2,385,215.77 2,385,215.75
collective basis
1. credit risk
4,741,319.02 50 2,370,659.52 2,370,659.50
Portfolio grouped change
189
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Provision Reasons for
Provision for Carrying
Catagories Book Balance proportion provision
bad debts Amount
(%) made
with ages dramatically
after
confirmed
2. P
Portfolio grouped
29,112.50 50 14,556.25 14,556.25
with deposit as
security
Total 54,068,194.72 95.59 51,682,978.97 2,385,215.75
B. As of 2020-12-31, provision for bad debts according to the model of phase
I/II/III:
Phase Closing balance Provision for bad debts Opening balance
I 2,379,572.44 109,600.10 2,269,972.34
II
III 54,005,535.26 51,653,449.19 2,352,086.07
Total 56,385,107.70 51,763,049.29 4,622,058.41
As of 2020-12-31, provision for bad debts at phase I:
Provision Reasons for
Provision for Carrying
Catagories Book Balance proportion provision
bad debts Amount
(%) made
Receivables with
provision made on
an individual basis
Receivables with
provision made on a 2,379,572.44 4.61 109,600.10 2,269,972.34
collective basis
no dramatic
1. Portfolio grouped 1,931,494.44 5.44 105,119.32 1,826,375.12
credit risk
190
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Provision Reasons for
Provision for Carrying
Catagories Book Balance proportion provision
bad debts Amount
(%) made
with ages change after
confirmed
no dramatic
2.Portfolio grouped
credit risk
with deposit as 448,078.00 1 4,480.78 443,597.22
change after
security
confirmed
Total 2,379,572.44 4.61 109,600.10 2,269,972.34
As of 2020-12-31, provision for bad debts at phase III:
Provision Reasons for
Provision for Carrying
Catagories Book Balance proportion provision made
bad debts Amount
(%)
credit risk
Receivables with
change
provision made on 49,301,363.12 100 49,301,363.12
dramatically
an individual basis
after confirmed
Receivables with
provision made on 4,704,172.14 50 2,352,086.07 2,352,086.07
an collective basis
credit risk
1. Portfolio grouped change
4,675,059.64 50 2,337,529.82 2,337,529.82
with ages dramatically
after confirmed
2.Portfolio grouped
with deposit as 29,112.50 50 14,556.25 14,556.25
security
Total 54,005,535.26 95.64 51,653,449.19 2,352,086.07
As of 2021-12-31, other receivables with provision made on an individual basis
Provision for Provision
Debtors Book balance
bad debts proportion (%)
中汽华南汽车销售公司 9,832,956.37 9,832,956.37 100
191
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Provision for Provision
Debtors Book balance
bad debts proportion (%)
(Zhongqi South China Automobile Sales Co.,
Ltd.)
南方工贸深圳实业公司
(Shenzhen Nanfang Industry and Trade Co., 7,359,060.75 7,359,060.75 100
Ltd.*)
深圳中浩（集团）股份有限公司
5,000,000.00 5,000,000.00 100
(Shenzhen Zhonghao (Group) Co., Ltd.*)
金贝丽家电公司
2,706,983.51 2,706,983.51 100
(Jinbeili Household Appliances Co., Ltd.*)
深圳市新兴泰贸易有限公司
2,418,512.90 2,418,512.90 100
(Shenzhen Xinxingtai Trading Co., Ltd.*)
深圳石油化工（集团）股份有限公司
1,898,419.67 1,898,419.67 100
(Shenzhen Petrochemical (Group) Co., Ltd.*)
深圳市特发华通包装实业有限公司
(Shenzhen SDG Huatong Packaging Co., 1,212,373.79 1,212,373.79 100
Ltd.*)
深圳金鹤标准件模具有限公司
1,023,560.00 1,023,560.00 100
(Shenzhen Jinhe Mould Co., Ltd.*)
Others 17,845,896.21 17,845,896.21 100
Total 49,297,763.20 49,297,763.20 100
As of 2021-12-31, other receivables with provision made on an collective basis
Provision proportion Provision for
Categories Book Balance
(%) bad debts
1.Portfolio grouped with ages 6,371,091.95 2,405,990.56 37.76
Including: Within 1 year 1,463,771.27 14,637.72 1
1 – 2 years 83,380.10 4,169.01 5
2 – 3 years 82,621.56 16,524.31 20
Over 3 years 4,741,319.02 2,370,659.52 50
The English names are for identification purpose only.
192
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Provision proportion Provision for
Categories Book Balance
(%) bad debts
2.Portfolio grouped with deposit
598,861.89 38,176.86 6.37
as security
Total 6,969,953.84 2,444,167.42 35.07
As of 2020-12-31, other receivables with provision made on an collective basis
Provision proportion Provision for
Categories Book Balance
(%) bad debts
1.Portfolio grouped with ages 6,606,554.08 2,442,649.14 36.97
Including: Within 1 year 1,352,216.61 13,522.17 1
1 – 2 years 161,722.86 8,086.15 5
2 – 3 years 417,554.97 83,511.00 20
Over 3 years 4,675,059.64 2,337,529.82 50
2.Portfolio grouped with deposit
477,190.50 19,037.00 3.99
as security
Total 7,083,744.58 2,461,686.14 34.75
(d) Changes in provision for bad debts
Phase I Phase II Phase III
Lifetime Lifetime
12month
Items expected credit expected credit Total
expected credit
losses (credit not losses (credit
losses
impaired) impaired)
Opening balance 109,600.10 51,653,449.19 51,763,049.29
Opening balance in current
period
--Transferred to phase II
--Transferred to phase III
--Reversed to phase II
--Reversed to phase I
193
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Phase I Phase II Phase III
Lifetime Lifetime
12month
Items expected credit expected credit Total
expected credit
losses (credit not losses (credit
losses
impaired) impaired)
Provision made in current
-50,648.45 29,529.78 -21,118.67
period
Provision recovered in
current period
Provision reversed in
current period
Provision written-off in
current period
Other changes
Closing balance 58,951.65 51,682,978.97 51,741,930.62
(e) Details of the top 5 debtors with largest balances
Proportion to the
Nature of total balance of Provision for
Debtors Book balance Ages
receivables other receivables bad debts
(%)
中汽华南汽车销售公
司 (Zhongqi South Current Over 3
9,832,956.37 17.48 9,832,956.37
China Automobile account years
Sales Co., Ltd. *)
南方工贸深圳实业公
司(Shenzhen Nanfang Current Over 3
7,359,060.75 13.08 7,359,060.75
Industry and Trade account years
Co., Ltd. *)
深圳中浩（集团）股
Current Over 3
份 有 限 公 司 5,000,000.00 8.89 5,000,000.00
account years
(Shenzhen Zhonghao
194
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Proportion to the
Nature of total balance of Provision for
Debtors Book balance Ages
receivables other receivables bad debts
(%)
(Group) Co., Ltd. *)
深圳凯丰特种汽车工
业有限公司
Current Over 3
(Shenzhen Kaifeng 4,413,728.50 7.84 2,206,864.25
account years
Special Automobile
Industry Co., Ltd.*)
深圳市金贝丽电器有
限 公 司 (Jinbeili
Current Over 3
Household 2,706,983.51 4.81 2,706,983.51
account years
Appliances Co., Ltd.
*)
Total 29,312,729.13 52.1 27,105,864.88
5.6 Inventories
(1) Details
Closing balance Opening balance
Items Provision for Carrying Provision for Carrying
Book balance Book balance
write-down amount write-down amount
Raw materials 15,814,028.99 14,772,382.17 1,041,646.82 15,481,888.98 14,772,382.17 709,506.81
Goods on hand 39,261,052.16 14,867,773.94 24,393,278.22 35,515,473.74 14,145,300.62 21,370,173.12
Total 55,075,081.15 29,640,156.11 25,434,925.04 50,997,362.72 28,917,682.79 22,079,679.93
(2) Provision for inventory write-down
Increase Decrease
Closing
Items Opening balance Reversal or
Provision Others Others balance
written-off
Raw materials 14,772,382.17 14,772,382.17
Goods on hand 14,145,300.62 812,607.69 90,134.37 14,867,773.94
195
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Increase Decrease
Closing
Items Opening balance Reversal or
Provision Others Others balance
written-off
Subtotal 28,917,682.79 812,607.69 90,134.37 29,640,156.11
5.7 Held-for-sale assets
Non-current assets or disposal group held for sale at the end of the period
Book value Fair value Estimated disposal Estimated
Items
(2021-12-31) (2021-12-31) expenses disposal time
深圳市汽车工业进出口
有 限 公 司 (Shenzhen
automobile industry 530,520.33 530,520.33
import and Export Co.,
Ltd.*)
Total 530,520.33 530,520.33
The company's subsidiary "Shenzhen automobile industry trade Co., Ltd." sold 35.75% of the
equity of the joint-stock enterprise "Shenzhen automobile industry import and Export Co., Ltd."
through public listing. On December 21, 2021, the company signed the enterprise state-owned
property right transfer contract with the listed transferee to transfer 35.75% of the equity of
"Shenzhen automobile industry import and Export Co., Ltd." with CNY 9.3346 million. On January
7, 2022, the subsidiary received a total equity transfer payment of CNY 9.3346 million.
According to the CAS No. 42 – Non-current assets held for sale, disposal group and discontinued
operations, the company classified the balance of CNY 530,500.00 of long-term equity investment
in Shenzhen automobile industry import and Export Co., Ltd. as held for sale assets as of December
31, 2021, and will not be accounted with the equity method after December 31, 2021.
5.8 Other Current Assets
Items Closing balance Opening balance
Input VAT to be credited 8,596,585.57 6,000,566.69
Total 8,596,585.57 6,000,566.69
5.9 Long-term receivables
196
深圳市特力(集团)股份有限公司 2021 年年度报告全文
(1) Details of long-term receivables
31 Dec 2021 31 Dec 2020 Discount
Items Provision for Carrying Provision for Carrying rate
Book balance Book balance
bad debts amount bad debts amount range
Related
2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
transactions
Total 2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
(2) Changes in provision for bad debts
(a) As of December 31, 2021, the provision for bad debts shall be made according to the following three stages:
Stage Book balance Provision for bad debts Carrying accounts
Stage 3 2,179,203.68 2,179,203.68
Total 2,179,203.68 2,179,203.68
As of December 31, 2021, the provision for bad debts of long-term receivables in the third stage is as follows:
Provision rate Provision for Carrying
Category Book balance Reason
（%） bad debts accounts
Risk increased
Provision for bad
2,179,203.68 100 2,179,203.68 after originally
debts by single item
recognized
Total 2,179,203.68 100 2,179,203.68
(b) As of December 31, 2020, the provision for bad debts is calculated and drawn according to the third stage model as follows:
Stage Book balance Provision for bad debts Carrying accounts
Stage 1
Stage 2
Stage 3 2,179,203.68 2,179,203.68
Total 2,179,203.68 2,179,203.68
On December 31, 2020, the provision for bad debts of long-term receivables in the third stage is as follows:
Provision rate Provision for Carrying
Category Book balance Reason
（%） bad debts accounts
Risk increased
Provision for bad 2,179,203.68 100 2,179,203.68
after originally
197
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Provision rate Provision for Carrying
Category Book balance Reason
（%） bad debts accounts
debts by single item recognized
Total 2,179,203.68 100 2,179,203.68
5.10. Long-term equity investments
(1) Details
Increase/Decrease
Investment income Adjustment in other
Investees Opening balance Investment Investments
recognized under comprehensive
s increased decreased
equity method income
Joint ventures
深圳特力吉盟投资有限公司
(Shenzhen Tellus Jimeng 37,666,741.13 9,823,999.65
Investment Co., Ltd.*)
深圳市特力行投资有限公司
(Shenzhen Tellus Xing 12,697,424.88 754,797.47
Investment Co., Ltd.*)[Note5]
Subtotal 50,364,166.01 10,578,797.12
Associates
深圳市仁孚特力汽车服务有
限公司 (Shenzhen Renfu
33,607,146.14 7,760,758.20
Tellus Automobiles Service
Co., Ltd.*)
深圳市汽车工业进出口有限
公 司 (Shenzhen Automobile
995,270.33 -464,750.00
Industry Import and Export
Co., Ltd.*)[Note6]
深圳东风汽车有限公司
38,674,373.09 38,674,373.09
(Shenzhen Dongfeng
*
The English names are for identification purpose only.
198
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Increase/Decrease
Investment income Adjustment in other
Investees Opening balance Investment Investments
recognized under comprehensive
s increased decreased
equity method income
Automobile Co., Ltd.
*
)[Note4]
深圳市新永通油泵环保有限
公 司 (Shenzhen
Xinyongtong Oil Pump and
Environmental Protection
Co., Ltd.*)
深圳市新永通咨询有限公司
(Shenzhen Xinyongtong
Consulting Co., Ltd.*)
深圳特力汽车服务连锁有限
公 司 (Shenzhen Tellus
Automobile Services Chain
Co., Ltd.*) [Note 3]
深圳市新永通汽车服务有限
公 司 (Shenzhen
Xinyongtong Automobile
Service Co., Ltd.*) [Note 4]
深圳市永通信达检测设备有
限 责 任 公 司 (Shenzhen
Yongtong Xinda Inspection
Equipment Co., Ltd.*) [Note
3]
湖南昌阳实业股份有限公司
(Hunan Changyang Industrial
Co., Ltd.*) [Note 1]
深圳捷成电子有限公司
(Shenzhen Jiecheng
Electronic Co., Ltd.*) [Note 1]
199
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Increase/Decrease
Investment income Adjustment in other
Investees Opening balance Investment Investments
recognized under comprehensive
s increased decreased
equity method income
深圳先导新材料有限公司
(Shenzhen Xiandao New
Materials Co., Ltd.*) [Note 1]
中国汽车工业深圳贸易公司
(China Automobile Shenzhen
Trading Co., Ltd. *) [Note 1]
深圳通用标准件有限公司
(Shenzhen General Standard
Parts Co., Ltd.*) [Note 1]
深圳中汽华南汽车销售公司
(Zhongqi South China
Automobile Sales Co., Ltd. *)
[Note 1]
深圳百力源电源有限公司
(Shenzhen Bailiyuan Power
Co., Ltd.*) [Note 1]
深圳市益民汽车贸易公司
(Shenzhen Yimin Automobile
Trading Co., Ltd.*) [Note 1]
深圳火炬火花塞工业公司
(Shenzhen Torch Spark Plug
Industrial Co., Ltd.*)
Subtotal 73,276,789.56 38,674,373.09 7,296,008.20
深圳汉力高技术陶瓷有限公
司 (Shenzhen Haneco
Technologies Ceramics Co.,
Ltd.*) [Note 2]
深圳市南方汽车维修中心
(Nanfang Automobile
*
The English names are for identification purpose only.
200
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Increase/Decrease
Investment income Adjustment in other
Investees Opening balance Investment Investments
recognized under comprehensive
s increased decreased
equity method income
Repairing Center*) [Note 2]
Subtotal
Total 123,640,955.57 38,674,373.09 17,874,805.32
(Continued)
Increase/Decrease
Closing
Cash
Changes in Closing balance of
Investees dividend/profit Provision for
other Others balance provision for
declared for impairment
equity impairment
distribution
Joint ventures
深圳特力吉盟投资有限公
司 (Shenzhen Tellus Jimeng 47,490,740.78
Investment Co., Ltd. *)
深圳市特力行投资有限公
司 (Shenzhen Tellus Xing
13,452,222.35
Investment Co., Ltd.
*
)[Note5]
Subtotal 60,942,963.13
Associates
深圳市仁孚特力汽车服务
有 限公 司(Shenzhen Renfu
14,000,000.00 27,367,904.34
Tellus Automobiles Service
Co., Ltd. *)
深圳市汽车工业进出口有
限 公 司 (Shenzhen
Automobile Industry Import 530,520.33
and Export Co., Ltd.
*
)[Note6]
深圳东风汽车有限公司
201
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Increase/Decrease
Closing
Cash
Changes in Closing balance of
Investees dividend/profit Provision for
other Others balance provision for
declared for impairment
equity impairment
distribution
(Shenzhen Dongfeng
Automobile Co., Ltd.
*
)[Note4]
深圳市新永通油泵环保有
限 公 司 (Shenzhen
Xinyongtong Oil Pump and 127,836.59
Environmental Protection
Co., Ltd. )*
深圳市新永通咨询有限公
司
41,556.83
(Shenzhen Xinyongtong
Consulting Co., Ltd.*)
深圳特力汽车服务连锁有
限 公 司 (Shenzhen Tellus
Automobile Services Chain
Co., Ltd.*) [Note 3]
深圳市新永通汽车服务有
限 公 司 (Shenzhen
Xinyongtong Automobile
Service Co., Ltd.*) [Note 4]
深圳市永通信达检测设备
有限 责任 公司 (Shenzhen
Yongtong Xinda Inspection
Equipment Co., Ltd.*) [Note
3]
湖南昌阳实业股份有限公
司
(Hunan Changyang 1,810,540.70
Industrial Co., Ltd.*) [Note
1]
202
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Increase/Decrease
Closing
Cash
Changes in Closing balance of
Investees dividend/profit Provision for
other Others balance provision for
declared for impairment
equity impairment
distribution
深圳捷成电子有限公司
(Shenzhen Jiecheng
3,225,000.00
Electronic Co., Ltd.*) [Note
1]
深圳先导新材料有限公司
(Shenzhen Xiandao New
4,751,621.62
Materials Co., Ltd.*) [Note
1]
中国汽车工业深圳贸易公
司
(China Automobile 400,000.00
Shenzhen Trading Co., Ltd.
*) [Note 1]
深圳通用标准件有限公司
(Shenzhen General
500,000.00
Standard Parts Co., Ltd.*)
[Note 1]
深圳中汽华南汽车销售公
司 (Zhongqi South China
2,250,000.00
Automobile Sales Co., Ltd.
*
) [Note 1]
深圳百力源电源有限公司
(Shenzhen Bailiyuan Power 1,320,000.00
Co., Ltd.*) [Note 1]
深圳市益民汽车贸易公司
(Shenzhen Yimin
200,001.10
Automobile Trading Co.,
Ltd.*) [Note 1]
*
The English names are for identification purpose only.
203
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Increase/Decrease
Closing
Cash
Changes in Closing balance of
Investees dividend/profit Provision for
other Others balance provision for
declared for impairment
equity impairment
distribution
深圳火炬火花塞工业公司
(Shenzhen Torch Spark 17,849.20
Plug Industrial Co., Ltd.*)
Subtotal 14,000,000.00 530,520.33 27,367,904.34 14,644,406.04
深圳汉力高技术陶瓷有限
公司 (Shenzhen Haneco
1,956,000.00
Technologies Ceramics Co.,
Ltd.*) [Note 2]
深圳市南方汽车维修中心
(Nanfang Automobile 6,700,000.00
Repairing Center*) [Note 2]
Subtotal 8,656,000.00
Total 14,000,000.00 530,520.33 88,310,867.47 23,300,406.04
Note 1: Industrial and commercial registration of these companies has been revoked, and the Company has made full provision for
impairment for these long-term equity investments.
Note 2: The operating period of Shenzhen Haneco Technologies Ceramics Co., Ltd. ran from September 21, 1993 to September 21,
1998. The operating period of Shenzhen Nanfang Automobile Repairing Center ran from July 12, 1994 to July 11, 2002. These
companies have ceased operation for many years and their industrial and commercial registration has been revoked because they did
not participate in the annual industrial and commercial inspection. The Company is unable to exercise effective control over these
companies. Therefore, they are not included in the consolidated scope of the Company ’ s consolidated financial statements. The
carrying amount of the Company’s investment in these companies is zero.
Note 3: The book balances of these long-term equity investments have been adjusted to 0 yuan through the recognition of profit and
loss adjustments under equity method.
Note 4: The equity of the company held by us has been transferred in the current period.
Note 5: We hold 51% of the equity of the Company. According to the articles of association of the company, the rights of voting and
nominated directors cannot be unilaterally decided on the relevant decisions by the company's shareholders' meeting and the board of
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directors, and we do not control the company.
Note6: According to the CAS No. 42 - Non-current assets held for sale, disposal group and discontinued operations, the company
classified the balance of CNY 530,520.33 of long-term equity investment in Shenzhen automobile industry import and Export Co.,
Ltd. as held for sale assets as of December 31, 2021, and will not be accounted with the equity method after December 31, 2021.
5.11 Other equity instrument investments
(1)Details of other equity instrument investments
Items 31 Dec 2021 31 Dec 2020
Public equity instrument investment
Non-public equity instrument investment 10,176,617.20 10,176,617.20
Total 10,176,617.20 10,176,617.20
(2) Details of non-held-for-trading equity instrument investments
Reasons for
Reasons designated as
Dividend Amount of other transferring
fair value
income comprehensive other
Accumulate Accumulate measurement with
Items recognized in income transferred comprehensiv
d profits d loss changes included in
the current to retained e income into
other comprehensive
period earnings retained
income
earnings
China Perfect
Strategic investment
Machinery
expected to be held
Industry Corp.,
for a long time
Ltd.
5.12 Investment property
(1) Investment real estate with cost measurement model
Buildings and
Items Land use right Total
structures
Cost
Opening balance 639,235,625.45 49,079,520.00 688,315,145.45
Increase 9,481,050.45 9,481,050.45
1) Acquisition 8,312,377.03 8,312,377.03
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Buildings and
Items Land use right Total
structures
2) Others 1,168,673.42 1,168,673.42
Decrease 2,719,453.24 2,719,453.24
1) Disposal
2) Others 2,719,453.24 2,719,453.24
Closing balance 645,997,222.66 49,079,520.00 695,076,742.66
Accumulated depreciation and
amortization
Opening balance 117,837,641.96 2,230,887.36 120,068,529.32
Increase 22,509,475.12 1,115,443.68 23,624,918.80
1) Accrual 18,688,549.50 1,115,443.68 19,803,993.18
2) Transfer in from fixed assets 3,820,925.62 3,820,925.62
Decrease
1) Transfer out to fixed assets
Closing balance 140,347,117.08 3,346,331.04 143,693,448.12
Provision for impairment
Carrying amount
Closing balance 505,650,105.58 45,733,188.96 551,383,294.54
Opening balance 521,397,983.49 46,848,632.64 568,246,616.13
(2) Investment property with certificate of titles being unsettled
Items Carrying amount Reasons for unsettlement
中 核 办 公 楼 (Zhonghe office Due to historical reasons, certificate of
4,414,645.05
building) titles has not been applied for.
Due to historical reasons, certificate of
笋岗 12 栋(Building 12, Sungang) 12,588.53
titles has not been applied for.
笋 岗 12 栋 商 铺 (Building 12 stores, Due to historical reasons, certificate of
38,916.87
Sungang) titles has not been applied for.
Subtotal 4,466,150.45
5.13 Fixed assets
(1) Details by category
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Items 31 Dec 2021 31 Dec 2020
Fixed assets 109,438,198.23 119,136,917.91
Liquidation of fixed assets
Total 109,438,198.23 119,136,917.91
(2) Fixed assets
(a) Details of fixed assets
Office and
Buildings and General Transport Electronic
Items other Total
structures equipment facilities equipment
equipment
Cost
Opening balance 281,403,065.30 22,284,034.71 5,177,216.34 10,901,047.18 6,719,081.84 326,484,445.37
Increase 1,765,488.74 39,012.22 1,339,701.70 1,512,011.35 1,175,130.83 5,831,344.84
1) Acquisition 1,765,488.74 39,012.22 1,339,701.70 1,512,011.35 1,175,130.83 5,831,344.84
Decrease 8,312,377.03 96,814.64 680,995.39 68,253.17 43,258.38 9,201,698.61
1) Disposal/scrap 96,814.64 680,995.39 68,253.17 43,258.38 889,321.58
2) Transfer out to
investment 8,312,377.03 8,312,377.03
property
Closing balance 274,856,177.01 22,226,232.29 5,835,922.65 12,344,805.36 7,850,954.29 323,114,091.60
Accumulated
depreciation
Opening balance 181,251,255.82 8,561,758.35 3,426,528.00 7,601,240.63 2,261,291.60 203,102,074.40
Increase 7,365,391.84 1,245,912.67 502,073.76 863,489.16 708,998.79 10,685,866.22
1) Accrual 7,365,391.84 1,245,912.67 502,073.76 863,489.16 708,998.79 10,685,866.22
Decrease 3,820,925.62 87,133.17 372,979.05 38,164.44 38,298.03 4,357,500.31
1) Disposal/scrap 87,133.17 372,979.05 38,164.44 38,298.03 536,574.69
2) Transfer out to
investment 3,820,925.62 3,820,925.62
property
Closing balance 184,795,722.04 9,720,537.85 3,555,622.71 8,426,565.35 2,931,992.36 209,430,440.31
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Office and
Buildings and General Transport Electronic
Items other Total
structures equipment facilities equipment
equipment
Provision for
impairment
Opening balance 3,836,768.43 319,675.11 6,165.00 17,984.71 64,859.81 4,245,453.06
Increase
Decrease
Closing balance 3,836,768.43 319,675.11 6,165.00 17,984.71 64,859.81 4,245,453.06
Carrying amount
Closing balance 86,223,686.54 12,186,019.33 2,274,134.94 3,900,255.30 4,854,102.12 109,438,198.23
Opening balance 96,315,041.05 13,402,601.25 1,744,523.34 3,281,821.84 4,392,930.43 119,136,917.91
(b) Fixed assets rented-out under operating leases
Items Carrying amount
Buildings and structures 64,952,150.09
Subtotal 64,952,150.09
(c) Fixed assets with certificate of titles being unsettled
Items Carrying amount Reasons for unsettlement
Due to historical reasons, certificate of
Yongtong Building 28,158,013.51
titles has not been applied for.
Due to historical reasons, certificate of
Automobile Building 14,626,048.69
titles has not been applied for.
Tellus Building underground Unable to apply for certificate of titles
8,477,976.20
parking lot for parking lot
Third – Fifth floor of Plant 1,
Due to historical reasons, certificate of
Plant 2, and Plant 3 on Taoyuan 3,265,867.51
titles has not been applied for.
Road
Tellus Building transfer story 1,426,541.48 Unable to apply for certificate of titles
Due to historical reasons, certificate of
Building 16 of Taohua Yuan 1,252,104.42
titles has not been applied for.
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Items Carrying amount Reasons for unsettlement
Shuibei Zhongtian Complex Due to historical reasons, certificate of
799,280.82
Building titles has not been applied for.
First floor of commercial and Due to historical reasons, certificate of
817,289.73
residential building in Bao’an titles has not been applied for.
Due to historical reasons, certificate of
Warehouse 795,291.01
titles has not been applied for.
Due to historical reasons, certificate of
Warehouse of trade department 63,803.65
titles has not been applied for.
Due to historical reasons, certificate of
Songquan Apartment (Mix) 10,086.79
titles has not been applied for.
Due to historical reasons, certificate of
Hostel on North Renmin Road 5,902.41
titles has not been applied for.
Subtotal 59,698,206.22
5.14 Construction in progress
（1）Details by category
Projects 31 Dec 2021 31 Dec 2020
Construction in progress 210,197,546.72 101,740,485.48
Engineer materials
Total 210,197,546.72 101,740,485.48
The construction in progress at the end of the period increased by 106.60% compared with that at the beginning of the period, mainly
due to the increase in construction investment of Tellus Diamond Trading building.
（2）Construction in progress
(a) details
31 Dec 2021 31 Dec 2020
Provision Provision
Projects Carrying Carrying
Book balance for Book balance for
amount amount
impairment impairment
特力金钻交易大厦(Teli 210,072,702.40 210,072,702.40 100,252,309.72 100,252,309.72
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31 Dec 2021 31 Dec 2020
Provision Provision
Projects Carrying Carrying
Book balance for Book balance for
amount amount
impairment impairment
Diamond Trading
Building)
05 地块(Plot 05) 1,391,331.44 1,391,331.44
其 他 工 程 (Other
124,844.32 96,844.32 96,844.32
construction)
Total 210,197,546.72 210,197,546.72 101,740,485.48 101,740,485.48
(b) changes on significant construction in progress
Opening Transferred to Other
Projects Budgets Increase Closing balance
balance fixed assets decrease
特力金钻交易大厦
(Teli Diamond 515,460,000 100,252,309.72 109,820,392.68 210,072,702.40
Trading Building)
Total 100,252,309.72 109,820,392.68 210,072,702.40
（Continued）
Accumulated Amount of
Accumulated Completion Annual
amount of borrowing cost
Projects investment to budget percentage capitalization Fund source
borrowing cost capitalization in
(%) (%) rate (%)
capitalization current period
特力金钻交易大厦 Self-owned
1,855,456.85 1,855,456.85
(Teli Diamond 40.75 40.75 4.20% fund / Bank
Trading Building) loan
1,855,456.85 1,855,456.85
Total
5.15 Right of use Assets
Projects Buildings and structures Total
1. Cost
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Projects Buildings and structures Total
Opening balance (2020-12-31) — —
Changes in accounting policies 9,894,351.89 9,894,351.89
Opening balance (2021-01-01) 9,894,351.89 9,894,351.89
Increase 418,841.07 418,841.07
Decrease
Closing balance (2021-12-31) 10,313,192.96 10,313,192.96
2. Accumulated depreciation
Opening balance (2020-12-31) — —
Changes in accounting policies
Opening balance (2021-01-01)
Increase 2,976,277.13 2,976,277.13
Decrease
Closing balance (2021-12-31) 2,976,277.13 2,976,277.13
3. Provision for impairment
4. Carrying amount
Closing balance（2021-12-31） 7,336,915.83 7,336,915.83
Opening balance（2021-01-01） 9,894,351.89 9,894,351.89
The depreciation amount of the right of use assets in 2021 is CNY 2,976,277.13, of which the depreciation expense included in the
operating cost is CNY 2,976,277.13.
5.16 Intangible assets
(1) Details on intangible assets
Items Land use right Trademarks Software Total
Cost
Opening balance 50,661,450.00 128,500.00 4,157,254.20 54,947,204.20
Increase 1,313,119.46 1,313,119.46
1) Acquisition 1,313,119.46 1,313,119.46
Decrease
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Items Land use right Trademarks Software Total
1) Disposal
Closing balance 50,661,450.00 128,500.00 5,470,373.66 56,260,323.66
Accumulated amortization
Opening balance 1,790,459.00 94,972.64 1,434,099.35 3,319,530.99
Increase 1,077,443.16 4,069.92 2,269,781.31 3,351,294.39
1) Accrual 1,077,443.16 4,069.92 2,269,781.31 3,351,294.39
Decrease
1) Disposal
Closing balance 2,867,902.16 99,042.56 3,703,880.66 6,670,825.38
Provision for impairment
Carrying amount
Closing balance 47,793,547.84 29,457.44 1,766,493.00 49,589,498.28
Opening balance 48,870,991.00 33,527.36 2,723,154.85 51,627,673.21
(2) As of December 31, 2021, the land use right with book value of CNY 47,793,547.84 of the company has been mortgaged to Bank
of China as the mortgage of bank loan.
5.17 Deferred charges
Opening Other Closing
Items Increase Amortization
balance decreases balance
Decoration
30,714,879.22 5,291,471.73 7,323,714.29 28,682,636.66
costs
Total 30,714,879.22 5,291,471.73 7,323,714.29 28,682,636.66
5.18 Deferred tax assets、Deferred Tax Liabilities
(1) Deferred tax assets before offset
Closing balance Opening balance
Deductible Deductible
Items Deferred tax Deferred tax
temporary temporary
assets asset
difference difference
Provision for credit 33,998,204.09 8,499,551.03 33,995,288.38 8,498,822.10
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Closing balance Opening balance
Deductible Deductible
Items Deferred tax Deferred tax
temporary temporary
assets asset
difference difference
impairment
Total 33,998,204.09 8,499,551.03 33,995,288.38 8,498,822.10
(2) Deferred tax liabilities before offset
Closing balance Opening balance
Taxable Taxable
Items Deferred tax Deferred tax
temporary temporary
liabilities liabilities
difference difference
Taxable temporary
3,852,181.96 963,045.49
difference
Total 3,852,181.96 963,045.49
(3) Details of unrecognized deferred tax assets
Items Closing balance Opening balance
Deductible temporary difference 126,073,843.71 126,380,054.13
Deductible losses 19,228,072.00 27,588,656.95
Subtotal 145,301,915.71 153,968,711.08
(4) Maturity years of deductible losses of unrecognized deferred tax assets
Maturity years Closing balance Opening balance Remarks
Year 2021 513,356.86
Year 2022 330,146.48 4,702,701.91
Year 2023 401,294.00 5,238,151.51
Year 2024 497,832.28 7,380,279.17
Year 2025 9,182,475.07 9,754,167.50
Year 2026 8,816,324.17
Subtotal 19,228,072.00 27,588,656.95
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5.19 Other non-current assets
Items 31 Dec 2021 31 Dec 2020
Prepayment for engineering equipment 56,169,049.73 49,478,268.29
VAT input tax to be certified 12,204,839.26 6,415,199.70
Others 100,000.00 100,000.00
Total 68,473,888.99 55,993,467.99
5.20 Accounts payable
(1) Details by nature
Items Closing balance Opening balance
Payment for goods and services 4,068,460.06 5,130,983.91
Payment for engineering equipment 63,339,302.97 71,452,182.62
Total 67,407,763.03 76,583,166.53
(2) Significant accounts payable with age over one year
Reasons for
Items Closing balance
unsettlement
深圳市英龙建安（集团）有限公司 The project has not
29,695,887.90
(Shenzhen Yinglong Jian’an (Group) Co., Ltd.) been settled.
深圳市特发地产有限公司 No repayment from
6,054,855.46
(Shenzhen SDG Real Estate Co., Ltd.*) related company.
深圳市易诺建设工程有限公司 The project has not
3,555,095.22
(Shenzhen Yinuo Construction Engineering Co., Ltd.*) been settled.
深圳市萃禄珠宝首饰有限公司
1,120,000.00 No repayment.
(Shenzhen Cuilu Jewelry Co., Ltd*)
Subtotal 40,425,838.58
5.21 Advance from customers
Items Closing balance Opening balance
Rental 1,827,827.28 2,403,580.47
The English names are for identification purpose only.
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Items Closing balance Opening balance
Total 1,827,827.28 2,403,580.47
5.22 Contract Liability
Items Closing balance Opening balance
Item received in advance for goods 17,959,187.61 17,833,476.50
Item received in advance for services 3,100,123.57 1,155,151.63
Total 21,059,311.18 18,988,628.13
5.23 Employee benefits payable
(1) Employee benefits payable
Items Opening balance Increase Decrease Closing balance
Short-term employee
28,365,685.21 69,844,794.94 59,316,882.40 38,893,597.75
benefits
Post-employment
benefits - defined 5,114,809.95 5,114,809.95
contribution plan
Termination benefits 510,403.00 510,403.00
Total 28,365,685.21 75,470,007.89 64,942,095.35 38,893,597.75
(2) Details of short-term employee benefits
Items Opening balance Increase Decrease Closing balance
Wage, bonus, allowance
28,150,871.60 61,084,459.02 50,950,437.39 38,284,893.23
and subsidy
Employee welfare fund 1,499,435.97 1,089,191.72 410,244.25
Social insurance
2,106,635.45 2,106,635.45
premium
Including: Medicare
1,900,062.29 1,900,062.29
premium
Occupational injuries
35,739.44 35,739.44
premium
Maternity premium 166,333.56 166,333.56
Other premium 4,500.16 4,500.16
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Items Opening balance Increase Decrease Closing balance
Housing provident fund 3,634,324.48 3,634,324.48
Trade union fund and
employee education 214,813.61 1,268,308.65 1,284,661.99 198,460.27
fund
Non-monetary benefits 251,631.37 251,631.37
Subtotal 28,365,685.21 69,844,794.94 59,316,882.40 38,893,597.75
(3) Details of defined contribution plan
Items Opening balance Increase Decrease Closing balance
Basic endowment
5,062,605.14 5,062,605.14
insurance premium
Unemployment
52,204.81 52,204.81
insurance premium
Subtotal 5,114,809.95 5,114,809.95
(4) Termination benefits
Items Opening balance Increase Decrease Closing balance
Termination benefits 510,403.00 510,403.00
Subtotal 510,403.00 510,403.00
The payroll payable at the end of the period increased by 37.11% compared with that at the beginning of the period, mainly due to
the increase of accrued bonus.
5.24 Taxes and fees payable
Items Closing balance Opening balance
VAT 808,520.40 1,003,221.74
Excise tax 7,964.60
Urban maintenance and construction tax 105,706.61 79,176.17
Education surcharge 47,558.24 43,391.83
Local education surcharge 31,705.50 28,927.88
Enterprise income tax 41,276,334.18 13,891,223.58
Individual income tax withheld for tax
512,260.46 281,053.06
authorities
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Items Closing balance Opening balance
Land appreciation tax 5,362,682.64 5,362,682.64
Land use tax 26,459.98 26,459.98
Others 342,907.84 346,017.44
Total 48,522,100.45 21,062,154.32
5.25 Other payables
(1) Details
Items Closing balance Opening balance
Interest payable
Dividend payable 46,295.65
Other payable 112,617,963.65 158,617,678.97
Total 112,617,963.65 158,663,974.62
(3) Other payables
(a) Other payables listed by nature
Items 31 Dec 2021 31 Dec 2020
Deposit as security 41,657,964.73 37,603,031.07
Current accounts between related parties 24,146,524.51 76,457,197.82
Accruals 15,417,939.62 15,300,654.81
Temporary receipts payable 31,395,534.79 29,256,795.27
Total 112,617,963.65 158,617,678.97
(b) Other important accounts payable with an aging of more than one year at the end of the period
Reasons for non
Items 31 Dec 2021 repayment or carry
forward
深圳市特发集团有限公司(Shenzhen SDG No repayment from
17,383,655.94
Group Co., Ltd.*) related company
香港裕嘉投资有限公司(Hong Kong Yujia No repayment from
1,961,673.06
Investment Co., Ltd. *) related company
Total 19,345,329.00
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5.26 Non-current liabilities due within one year
Items 31 Dec 2021 31 Dec 2020
Lease liabilities due within one year 3,021,452.25
Total 3,021,452.25
5.27 Other Current Liability
Items 31 Dec 2021 31 Dec 2020
Output VAT on pending 2,367,994.70 2,237,573.19
Total 2,367,994.70 2,237,573.19
5.28 Long-term borrowings
(1) Categories on long-term borrowings
Interest rate range
Items Closing balance Opening balance
(2021)
Mortgaged borrowings 86,875,874.39 11,171,759.33 4.20%
Subtotal 86,875,874.39 11,171,759.33 4.20%
Less: Long-term borrowings due
within 1 year
Total 86,875,874.39 11,171,759.33
(2) Remarks on Categories on long-term borrowings
The long-term borrowings at the end of the period are the fixed assets loan of the newly added Tellus Jinzuan Trading Building in the
current period, with a loan term of 15 years.
5.29 Lease liabilities
Items Closing balance Opening balance
Lease payments 7,976,926.21
Less: Unrecognized financing
480,930.87 11,311.96
expenses
Subtotal 7,495,995.34
Less: Lease liabilities due
3,021,452.25
within one year
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Items Closing balance Opening balance
Total 4,474,543.09
5.30 Long-term payables
Items Closing balance Opening balance
Employee housing deposit 3,908,848.40 3,908,848.40
Appropriation for technical
11,311.96 11,311.96
innovation project
Total 3,920,160.36 3,920,160.36
5.31 Accrued liabilities
Items 31 Dec 2021 31 Dec 2020 Reasons for balance
Pending lawsuit 268,414.80 268,414.80
Total 268,414.80 268,414.80
5.32 Deferred income
(1) Deferred income
31 Dec Reasons for
Items Increase Decrease 31 Dec 2021
2020 balance
Government grants
Government grants 131,102.38 12,090,000.00 1,985,771.17 10,235,331.21
related to assets
Total 131,102.38 12,090,000.00 1,985,771.17 10,235,331.21
(2) Details of government grants
Grants included
31 Dec into profit or 31 Dec Related to
Items Increase
2020 loss/offsetting 2021 assets/income
relevant cost
Subsidy from Futian
District Old Elevator
Related to
Renovation Working 131,102.38 19,914.29 111,188.09
assets
Group for elevator
renewal
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Grants included
31 Dec into profit or 31 Dec Related to
Items Increase
2020 loss/offsetting 2021 assets/income
relevant cost
Luohu District 2021
special fund for
industrial
transformation and 5,000,000.00 1,488,178.80 3,511,821.20 Related to
upgrading - Industrial assets/income
Service Platform
Project
Special fund for
industrial
transformation and
upgrading of Luohu Related to
2,500,000.00 135,869.55 2,364,130.45
District in 2021 - assets
support subsidy for
Environmental
Protection Buildings
Subsidy income of
consumption
promotion support Related to
4,590,000.00 341,808.53 4,248,191.47
projects of Shenzhen assets
Municipal Bureau of
Commerce in 2020
Subtotal 131,102.38 12,090,000.00 1,985,771.17 10,235,331.21
The deferred income of the current period increased by 7707.13%, which is due to the increase of
government subsidy funds received by the company.
5.33 Share capital
Items Opening balance Movements Closing Balance
220
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Issue of Bonus Reserve transferred
Others Subtotal
new shares shares to shares
Total shares 431,058,320.00 431,058,320.00
5.34 Capital reserves
Items 31 Dec 2020 Increase Decrease 31 Dec 2021
Capital premium (Share
425,768,053.35 425,768,053.35
premium)
Other capital reserve 5,681,501.16 5,681,501.16
Total 431,449,554.51 431,449,554.51
5.35 Other comprehensive income
Current period cumulative
Less: OCI Less: OCI Attributabl
Current
carried carried e to
Opening period Less: Attributabl Closing
Items forward forward non-control
balance cumulative income e to parent balance
transferred transferred ling
before tax company
to profit or to retained shareholder
income tax
loss earnings s
OCI that cannot be
reclassified into
profit or loss
OCI to be
reclassified
26,422.00 26,422.00
subsequently to
profit or loss
Including: Other
comprehensive
income to be
26,422.00 26,422.00
transferred to profit
or loss under equity
method
Total 26,422.00 26,422.00
221
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5.36 Surplus reserve
Items Opening balance Increase Decrease Closing balance
Statutory surplus reserve 23,848,485.62 2,697,994.47 26,546,480.09
Total 23,848,485.62 2,697,994.47 26,546,480.09
The increase of surplus reserve in the current period is that the company withdraws the statutory
surplus reserve at 10% of the current net profit in accordance with the relevant provisions of the
Company Law and the articles of association.
5.37 Retained earnings
Current period Preceding period
Items
cumulative comparative
Balance before adjustment at the end of preceding
424,141,893.34 387,423,510.78
period
Add: Increase due to adjustment (or less: decrease)
Opening balance after adjustment 424,141,893.34 387,423,510.78
Add: Net profit attributable to owners of the parent
131,020,764.38 57,663,828.89
company
Less: Appropriation of statutory surplus reserve 2,697,994.47 2,840,996.89
Ordinary share dividend payable 8,621,166.40 18,104,449.44
Closing balance 543,843,496.85 424,141,893.34
5.38 Operating revenue/Operating cost
2021 2020
Items
Revenue Costs of sales Revenue Costs of sales
Principal activities 498,882,949.81 350,429,078.94 416,306,597.14 316,547,493.71
Other activities 9,637,076.37 2,500,636.87 8,112,606.20 2,713,707.88
Total 508,520,026.18 352,929,715.81 424,419,203.34 319,261,201.59
(a) Revenue from principal activities (by industry or business)
2021 2020
Industry (business)
Revenue Costs of sales Revenue Costs of sales
222
深圳市特力(集团)股份有限公司 2021 年年度报告全文
2021 2020
Industry (business)
Revenue Costs of sales Revenue Costs of sales
Auto Sales 194,373,092.47 184,509,794.34 204,928,883.35 191,680,818.07
Auto Maintenance &
48,568,032.68 38,760,088.93 41,913,088.24 32,521,898.98
Inspection
Lease and Service 196,537,676.90 71,382,659.79 134,609,167.52 57,587,615.11
Jewelry Sales and Service 59,404,147.76 55,776,535.88 34,855,458.03 34,757,161.55
Total 498,882,949.81 350,429,078.94 416,306,597.14 316,547,493.71
(b) Revenue from principal activities (by sales model)
2021 2020
Model
Revenue Costs of sales Revenue Costs of sales
Direct Sales 498,882,949.81 350,429,078.94 416,306,597.14 316,547,493.71
Agent Sales
Total 498,882,949.81 350,429,078.94 416,306,597.14 316,547,493.71
(c) Revenue from principal activities (by region)
2021 2020
Region
Revenue Costs of sales Revenue Costs of sales
Shenzhen 498,882,949.81 350,429,078.94 399,343,292.94 300,537,120.26
Sichuan 16,963,304.20 16,010,373.45
Total 498,882,949.81 350,429,078.94 416,306,597.14 316,547,493.71
(d) Revenue breakdown information
2021
Auto Total
Items Lease and Jewelry Sales
Auto Sales Maintenance &
Service and Service
Inspection
By revenue
recognition time
Goods(transferred 194,373,092.47 48,568,032.68 52,274,733.85 295,215,859.00
223
深圳市特力(集团)股份有限公司 2021 年年度报告全文
2021
Auto Total
Items Lease and Jewelry Sales
Auto Sales Maintenance &
Service and Service
Inspection
at a certain point
of time)
Service(provided
within a certain 196,537,676.90 7,129,413.91 203,667,090.81
period of time)
Total 194,373,092.47 48,568,032.68 196,537,676.90 59,404,147.76 498,882,949.81
5.39 Taxes and Surcharges
Items 2021 2020
City construction tax 882,815.10 588,739.23
Educational surcharge 584,610.52 236,564.31
Local educational surcharge 33,729.65 157,709.54
Resource tax 434,087.33 386,763.32
Property tax 4,644,257.53 2,376,613.48
Land use tax 358,823.13 352,296.47
Vehicle and vessel usage tax 5,772.92 5,791.06
Total 6,944,096.18 4,104,477.41
Taxes and surcharges in this year increased by 69.18% over the previous year, mainly due to the corresponding increase in
value-added tax and the reduction of real estate tax in the previous year but not in this year.
5.40 Sales Expenses
Items 2021 2020
Employee benefits 13,380,126.45 8,887,537.69
Advertising promotion expense 2,129,375.71 2,138,496.21
Depreciation and amortization 4,745,548.04 2,001,011.81
Utility 1,052,593.95 1,065,923.75
Material consumption 149,556.88 65,067.01
224
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Office expense 460,348.34 675,305.56
Business hospitality 437,073.34 331,419.91
Other 4,823,552.32 2,550,370.49
Total 27,178,175.03 17,715,132.43
The sales expenses of this year increased by 53.42% over the previous year, mainly due to the establishment of the subsidiary
Shenzhen jewelry industry Service Co., Ltd. in August 2020, with a year-on-year increase of 8 months’ expenses; Asset depreciation
and amortization expenses increased.
5.41 General and Administrative Expenses
Items 2021 2020
Employee benefits 34,350,624.60 25,671,670.92
Consultation and service expenses 5,599,656.73 7,196,540.38
Depreciation and amortization 3,658,728.08 3,107,517.18
Office expenses 534,671.21 1,574,023.34
Business hospitality expenses 411,497.26 280,305.45
Advertising promotion expenses 206,020.49 911,387.33
Travel expenses 107,532.98 127,650.74
Other 2,282,585.34 1,115,148.73
Total 47,151,316.69 39,984,244.07
5.42 Financial costs
Items 2021 2020
Interest Expenses 2,253,915.94 1,042,694.54
Less: interest income 6,538,484.64 4,473,218.76
Exchange gains and losses -236,196.60 -132,748.11
Other 249,883.56 257,388.65
Total -4,270,881.74 -3,305,883.68
5.43 Other Income
Items 2021 2020 Related to assets /income
1. Government grant recognized in 2,923,779.58 1,522,079.42
225
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Items 2021 2020 Related to assets /income
other income
Including: Government grant related
1,985,771.17 8,297.62 Related to assets/income
to deferred income (related to assets)
Government grant directly
938,008.41 1,513,781.80 Related to income
recognized in current profit or loss
2. Others related to daily operation
activities and recognized in other 46,275.77 44,839.26
income
Including: Charges of withholding
46,275.77 44,839.26
individual income tax
Total 2,970,055.35 1,566,918.68
5.44 Investment Income
Items 2021 2020
Investment income from long-term equity investments
17,874,805.32 14,962,411.52
under equity method
Gains on disposal of long-term equity investments 66,495,901.16 1
Investment income from financial assets at fair value
9,409,600.29 8,495,993.07
through profit or loss during holding period
Including: financial assets measured at fair value with
9,409,600.29 8,495,993.07
changes included in current profits and losses
Investment in other equity instruments
Total 93,780,306.77 23,458,405.59
The annual investment income increased by 299.77% over the previous year, mainly due to the impact of the company's disposal of
the long-term equity investment of Shenzhen Dongfeng Motor Co., Ltd.
5.45 Gains from Changes in Fair Values
Sources of gains on changes in fair value 2021 2020
Held-for-trading financial assets 663,932.88 316,475.19
Including: Changes in fair value of designated as 663,932.88 316,475.19
226
深圳市特力(集团)股份有限公司 2021 年年度报告全文
held-for-trading financial assets
Total 663,932.88 316,475.19
The gains from changes in fair value this year increased by 109.79% over the previous year, mainly due to the increase in the balance
of unrecovered trading financial assets at the end of the year and the corresponding increase in changes in fair value.
5.46 Impairment Loss of Credit
Items 2021 2020
Bad debt of notes receivable 22,957.54 934,154.48
Bad debt of other receivables 15,171.74 594,593.53
Total 38,129.28 1,528,748.01
This year's credit impairment loss decreased by 97.51% compared with the previous year, mainly due to the reversal of the original
bad debt provision due to the recovery of receivables in the previous year and other reasons.
5.47 Impairment Loss of Asset
Items 2021 2020
Impairment of inventories -812,607.69 -23,818.95
Other impairment loss of assets
Total -812,607.69 -23,818.95
This year's asset impairment loss decreased by 3311.60% compared with the previous year, mainly due to the provision for inventory
falling price for the part where the net realizable value of the inventory vehicles at the end of the period is lower than the book value.
5.48 Gains/ (losses) from Disposal of Assets
Items 2021 2020
Gains/(losses) from disposal of fixed assets, construction in
progress, productive biological assets and intangible assets 158,228.49
not classified as held for sale
Including: Fixed assets 158,228.49
Total 158,228.49
5.49 Non-operating Income
Recognized in current
Items 2021 2020
extraordinary gains and
227
深圳市特力(集团)股份有限公司 2021 年年度报告全文
losses
Gains from damage and
132.74 2,919.56 132.74
retirement of non-current assets
Gains from inability to pay the
497,187.91
proceeeds
Other 767,922.91 2,789,050.65 767,922.91
Total 768,055.65 3,289,158.12 768,055.65
5.50 Non-operating Expenses
Recognized in current
Items 2021 2020
extraordinary gains and losses
Loss from damage and
15,256.30 28,814.21 15,256.30
retirement of non-current assets
Fines and expenses from breach
22,246.85 43,127.49 22,246.85
of contract
Other 20,810.00
Total 37,503.15 92,751.70 37,503.15
5.51 Income Tax Expenses
(a) Details of income tax expenses
Items 2021 2020
Current tax expenses 44,415,716.95 16,683,064.79
Deferred tax expenses 962,316.56 160,140.29
Previous tax expenses -1,314,362.80 -445,268.53
Total 44,063,670.71 16,397,936.55
(b) Reconciliation of accounting profit and income tax expenses
Items 2021 2020
Profit before tax 176,116,201.79 76,703,166.46
Income tax expense at the statutory /applicable tax rate 44,029,050.45 19,175,791.62
Effect of different tax rate of subsidiaries -189,450.83 -96,771.41
228
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Items 2021 2020
Adjustments of impact from prior period income tax -1,314,362.80 -445,268.53
Long term equity investment income and equity
-1,558,503.52 -3,740,602.88
instrument investment income
Effect of non-deductible costs, expenses or losses 1,296,846.61 409,611.27
Effect of previously unrecognized deductible losses
-597,396.47 -372,335.43
recognized as deferred tax assets
Effect of deductible temporary differences and deductible
2,397,487.27 2,222,449.90
losses not recognized as deferred tax assets
Other (the impact of small low profit enterprises on the
reduction of taxable income and the expected balance of -754,937.99
liabilities at the end of the period)
Income tax expenses 44,063,670.71 16,397,936.55
5.52 Other Comprehensive Income
For details of net amount after tax of the other comprehensive income, please refer to Note 5.35 Other Comprehensive Income for
details.
5.53 Notes to the Statement of Cash Flow
(a) Other cash received relating to operating activities
Items 2021 2020
Security deposit 4,054,933.66 7,335,328.03
Interest income 3,827,201.61 3,015,893.77
Government subsidies received 13,028,008.41 1,513,781.80
Other income received 46,275.77 44,839.26
Current account and others 3,026,161.94 4,209,581.52
Total 23,982,581.39 16,119,424.38
(b) Other cash payments relating to operating activities
Items 2021 2020
Cash expenses 18,020,425.99 16,559,142.10
Security deposit 121,671.39 441,713.29
229
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Fines and expenses from breach of contract 22,246.85 63,937.49
Current account and others 436,758.81
Total 18,164,344.23 17,501,551.69
(c) Other cash received relating to investing activities
Items 2021 2020
Performance bond for equity transfer
50,000,000.00
received
Other 1,931,753.79 69,962.11
Total 1,931,753.79 50,069,962.11
(d) Other cash received relating to financing activities
Items 2021 2020
Loans from non-financial institutions 24,800,000.00
Total 24,800,000.00
(e) Other cash payments relating to financing activities
Items 2021 2020
Repayment of loans from non-financial
24,800,000.00
institution
Withdrawal of minority shareholders'
50,000,000.00
capital*
Interest on performance bond of equity
2,893,150.68
transfer
Pay principal and interest on lease liabilities 3,380,669.67
Total 52,893,150.68 24,800,000.00
*Note: It refers to the principal refunded to shareholders according to the resolution of the liquidation group meeting during the
liquidation of Sichuan Tellus jewelry Technology Co., Ltd.
5.54 Supplementary Information to the Statement of Cash Flows
(a) Supplementary information to the statement of cash flows
Supplementary information 2021 2020
230
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Supplementary information 2021 2020
(i) Adjustments of net profit to cash flows
from operating activities:
Net profit 132,052,531.08 60,305,229.91
Add: Provisions for impairment of assets 812,607.69 23,818.95
Impairment Loss of Credit -38,129.28 -1,528,748.01
Depreciation of fixed assets, Investment
Properties, oil and gas asset and productive 30,459,581.08 27,990,380.00
biological assets
Depreciation of right of use assets 2,976,277.13
Amortization of intangible assets 2,377,422.39 534,789.66
Amortization of long-term deferred
7,323,714.29 3,169,898.43
expenses
Losses / (gains as ‘-’) on disposal of fixed
assets, intangible assets and other long-term -143,104.93 25,894.65
assets
Losses / (gains as ‘ - ’ ) on scrapping of
fixed assets
Losses / (gains as ‘-’) on changes in fair
-663,932.88 -316,475.19
value
Finance costs / (income as ‘-’) -693,563.69 -547,378.56
Investment losses / (income as ‘-’) -93,780,306.77 -23,458,405.59
Decreases / (increases as ‘-’) in deferred
-728.93 160,140.29
tax assets
Increases / (decreases as ‘-’) in deferred
963045.49
tax liabilities
Decreases / (increases as‘-’ in inventories -4,167,852.80 -713,896.05
Decreases / (increases as ‘-’) in operating
-12,856,907.71 89,142,199.52
receivables
Increases /(decreases as ‘-’) in operating
61,991,082.74 -45,682,145.13
payables
231
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Supplementary information 2021 2020
Others
Net cash flows from operating activities 126,611,734.90 109,105,302.88
(ii)Significant investing and financing
activities not involving cash receipts and
payments:
Conversion of debt into capital
Convertible corporate bonds maturing
within one year
Fixed assets acquired under finance leases
(iii)Net increases in cash and cash
equivalents:
Cash at the end of the reporting period 211,655,585.86 208,462,656.63
Less: Cash at the beginning of the reporting
208,462,656.63 400,668,257.81
period
Add: Cash equivalents at the end of the
reporting period
Less: Cash equivalents at the beginning of
the reporting period
Net increase in cash and cash equivalents 3,192,929.23 -192,205,601.18
(b) The components of cash and cash equivalents
Items 31 December 2021 31 December 2020
(i) Cash 211,655,585.86 208,462,656.63
Including: Cash on hand 36,941.24 20,542.55
Cash in bank available for
211,618,644.62 208,442,114.08
immediate use
Other monetary funds
available for immediate use
(ii) Cash equivalents
Including: Bond investments maturing
232
深圳市特力(集团)股份有限公司 2021 年年度报告全文
within three months
(iii) Cash and cash equivalents at the
211,655,585.86 208,462,656.63
end of the reporting period
Including: Restricted cash and cash
equivalents of the parent Company and
the subsidiaries of the group
5.55 Restricted Assets
Items Carrying amount at 31 Reason
December 2021
Cash and cash equivalents Please refer to Note 5.1 for
28,926,471.30
details
Intangible assets 46,421,231.01 Bank loan mortgage
Total 75,347,702.31
5.56 Foreign Currency Monetary Items
(a) Foreign currency monetary items at 31 December 2021:
Carrying amount at foreign Carrying amount at
Items Exchange rate
currency CNY
Cash and cash equivalents
Including: USD 31,536.09 6.3757 201,064.65
HKD 12,635.94 0.8176 10,331.15
Total 211,395.80
5.57 Government Grants
(a) Government grants related to assets
Recognized in current profit or Presented items that
Items presented
loss or directly as deduct of recognized in current
in the statement
Items Amount related cost profit or loss or
of financial
directly as deduct of
position 2021 2020
related cost
Subsidy from Futian 131,102.38 Deferred income 19,914.29 8,297.62 Other income
233
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Recognized in current profit or Presented items that
Items presented
loss or directly as deduct of recognized in current
in the statement
Items Amount related cost profit or loss or
of financial
directly as deduct of
position 2021 2020
related cost
District Old Elevator
Renovation Working
Group for elevator renewal
Luohu District 2021
special fund for industrial
transformation and 4,590,000.00 Deferred income 341,808.53 Other income
upgrading - Industrial
Service Platform Project
Special fund for industrial
transformation and
upgrading of Luohu
4,017,501.99 Deferred income 505,680.79 Other income
District in 2021 - support
subsidy for Environmental
Protection Buildings
Subsidy income of
consumption promotion
support projects of
2,500,000.00 Deferred income 135,869.55 Other income
Shenzhen Municipal
Bureau of Commerce in
2020
Total 11,238,604.37 1,003,273.16 8,297.62
(b) Government grants related to income
Recognized in current profit Presented items that
Items presented
or loss or directly as deduct recognized in current
in the statement
Items Amount of related cost profit or loss or
of financial
directly as deduct of
position 2021 2020
related cost
234
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Recognized in current profit Presented items that
Items presented
or loss or directly as deduct recognized in current
in the statement
Items Amount of related cost profit or loss or
of financial
directly as deduct of
position 2021 2020
related cost
Depreciation of right of use
assets 2021 Luohu District
special fund for industrial
982,498.01 Deferred income 982,498.01 Other income
transformation and
upgrading - Industrial
Service Platform Project
Subsidies for vocational
training based on work 104,650.00 N/A 104,650.00 Other income
instead of training
Special fund for foreign
300,000.00 N/A 300,000.00 Other income
trade upgrading
Special subsidies for
162,831.86 N/A 162,831.86 Other income
automobile dealers
Subsidy for the purchase of
old vehicles for new
353,982.30 N/A 353,982.30 Other income
vehicles by the Bureau of
Commerce
Job stabilization subsidy 16,544.25 N/A 16,544.25 29,480.01 Other income
Total 1,920,506.42 1,920,506.42 29,480.01
Note 6. CHANGES IN THE SCOPE OF CONSOLIDATION
6.1 The Scope of Consolidation Increased
Ways to Date of
Acquisition Interest
Name of the acquirees acquire the acquiring the
costs acquired (%)
equity interests equity interests
上海泛粤钻石有限公司
Newly establish June 2021 1,000,000.00 100
(Shanghai fanyue
235
深圳市特力(集团)股份有限公司 2021 年年度报告全文
diamond Co., Ltd. *)
6.2 The Scope of Consolidation Decreased
Name of the acquirees Date of liquidation
四川特力珠宝科技有限公司
August 2021
(Sichuan Tellus Jewelry Technology Co., Ltd. *)
安徽特力星光珠宝投资有限公司
March 2021
(Anhui Tellus Seon Jewelry Investment Co., Ltd. *)
安徽特力星光金尊珠宝有限公司
January 2021
(Anhui Tellus Seon Jinzun Jewelry Co., Ltd*)
Note 7. INTERESTS IN OTHER ENTITIES
7.1 Interests in Subsidiaries
(a) Composition of corporate group
Percentage of equity
Principal Ways of
Registered Nature of interests by the Company
Name of subsidiary place of acquisitio
Address business (%)
business n
Direct Indirect
深圳市特力新永通汽车发展
有 限 公 司 (Shenzhen Tellus
Shenzhen Shenzhen Commercial 100.00 Set up
Xinyongtong Automobile
Development Co., Ltd.*)
深圳市宝安石泉实业有限公
司(Shenzhen Bao’an Shiquan Shenzhen Shenzhen Commercial 100.00 Set up
Industrial Co., Ltd.*)
深圳市特发特力房地产有限
公 司 (Shenzhen SDG Tellus Shenzhen Shenzhen Commercial 100.00 Set up
Real Estate Co., Ltd.*)
深圳市特力创盈科技有限公
司 (Shenzhen Tellus Shenzhen Shenzhen Commercial 100.00 Set up
Chuangying Technology Co.,
236
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Percentage of equity
Principal Ways of
Registered Nature of interests by the Company
Name of subsidiary place of acquisitio
Address business (%)
business n
Direct Indirect
Ltd.*)
深圳市新永通机动车检测设
备 有 限 公 司 (Shenzhen
Xinyongtong Auto Vehicle Shenzhen Shenzhen Commercial 51.00 Set up
Inspection Equipment Co.,
Ltd.*)
深圳市汽车工业贸易有限公
司 (Shenzhen Automobile Shenzhen Shenzhen Commercial 100.00 Set up
Industry and Trade Co., Ltd.*)
深圳市汽车工业供销公司
(Shenzhen Automobile
Shenzhen Shenzhen Commercial 100.00 Set up
Industry Supply and
Marketing Co., Ltd.*)
深圳特发华日汽车企业有限
公 司 (Shenzhen SDG Huari
Shenzhen Shenzhen Commercial 60.00 Set up
Automobile Enterprise Co.,
Ltd.*)
深圳市华日安信汽车检测有
限 公 司 (Shenzhen Huari
Shenzhen Shenzhen Commercial 100.00 Set up
Anxin Automobile Inspection
Co., Ltd.*)
深圳市中天实业有限公司
(Shenzhen Zhongtian Shenzhen Shenzhen Commercial 100.00 Set up
Industrial Co., Ltd.*)
深圳市华日丰田汽车销售服
务有限公司(Shenzhen Huari Shenzhen Shenzhen Commercial 60.00 Set up
Toyota Auto Sales Service
237
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Percentage of equity
Principal Ways of
Registered Nature of interests by the Company
Name of subsidiary place of acquisitio
Address business (%)
business n
Direct Indirect
Co., Ltd.*)
深圳市特力宝库供应链科技
有 限 公 司 (Shenzhen Tellus
Shenzhen Shenzhen Commercial 100.00 Set up
Baoku Supply Chain
Technology Co., Ltd.*)
深圳珠宝产业服务有限公司
(Shenzhen Jewelry Industry Shenzhen Shenzhen Commercial 65.00 Set up
Service Co. Ltd.*)
上海泛粤钻石有限公司
(Shanghai fanyue diamond Shanghai Shanghai Commercial 100.00 Set up
Co., Ltd. *)
(b) Significant non-wholly owned subsidiaries
Proportion of Profit or loss Dividends declared
ownership interest attributable to non- to distribute to Non-controlling
Name of subsidiary held by non- controlling non-controlling interests at the end of the
controlling interests during the interests during the reporting period
interests reporting period reporting period
深圳市华日丰田汽车销
售 服 务 有 限 公 司
40 365,763.52 4,473,770.51
(Shenzhen Huari Toyota
Auto Sales Co., Ltd.*)
深圳特发华日汽车企业
有 限 公 司 (Shenzhen
40 1,548,901.18 12,503,876.14
Huari Toyota Auto Sales
Service Co., Ltd.*)
(c) Main financial information of significant non-wholly owned subsidiaries
238
深圳市特力(集团)股份有限公司 2021 年年度报告全文
31 December 2021
Name of subsidiary Non-current Current Non-current Total
Current assets Total assets
assets liabilities liabilities liabilities
深圳市华日丰田汽车销售
服 务 有 限 公 司 (Shenzhen
85,290,018.33 5,005,912.12 90,295,930.45 79,111,504.18 79,111,504.18
Huari Toyota Auto Sales
Co., Ltd.*)
深圳特发华日汽车企业有
限 公 司 (Shenzhen Huari
61,681,938.58 20,655,893.78 82,337,832.36 50,835,836.99 50,835,836.99
Toyota Auto Sales Service
Co., Ltd.*)
(Continued)
31 December 2020
Name of subsidiary Non-current Current Non-current Total
Current assets Total assets
assets liabilities liabilities liabilities
深圳市华日丰田汽车销售
服 务 有 限 公 司 (Shenzhen
67,507,256.67 6,694,509.17 74,201,765.84 63,931,748.36 63,931,748.36
Huari Toyota Auto Sales
Co., Ltd.*)
深圳特发华日汽车企业有
限 公 司 (Shenzhen Huari
52,641,986.30 22,198,318.35 74,840,304.65 47,302,867.25 47,302,867.25
Toyota Auto Sales Service
Co., Ltd.*)
2021
Total
Name of subsidiary Net cash flows from
Revenue Net profit/(loss) comprehensive
operating activities
income
深圳市华日丰田汽车销售服
务有限公司(Shenzhen Huari 245,772,043.22 914,408.79 914,408.79 -11,521,597.56
Toyota Auto Sales Co., Ltd.*)
239
深圳市特力(集团)股份有限公司 2021 年年度报告全文
2021
Total
Name of subsidiary Net cash flows from
Revenue Net profit/(loss) comprehensive
operating activities
income
深圳特发华日汽车企业有限
公司(Shenzhen Huari Toyota
39,729,074.81 3,964,557.97 3,964,557.97 7,232,060.46
Auto Sales Service Co.,
Ltd.*)
(Continued)
2020
Total Net cash flows
Name of subsidiary
Revenue Net profit/(loss) comprehensive from operating
income activities
深圳市华日丰田汽车销
售 服 务 有 限 公 司
250,984,420.93 6,074,051.06 6,074,051.06 4,948,345.76
(Shenzhen Huari Toyota
Auto Sales Co., Ltd.*)
深圳特发华日汽车企业
有限公司(Shenzhen Huari
34,313,269.53 3,132,604.24 3,132,604.24 4,440,264.62
Toyota Auto Sales Service
Co., Ltd.*)
7.2 Interests in Joint Arrangements or Associates
(a) Significant joint ventures or associates
Proportion of equity interests Measurement
Principal place Registered Nature of
Company name by the Company (%) methods
of business address business
Direct Indirect
Joint ventures
深圳特力吉盟投资有
Investment Accounting
限 公 司 (Shenzhen
Shenzhen Shenzhen in 50.00 by equity
Tellus Jimeng
industries method
Investment Co.,
240
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Ltd.*)
Associates
深圳市仁孚特力汽车
服 务 有 限 公 司 Accounting
Mercedes
(Shenzhen Renfu Shenzhen Shenzhen 35.00 by equity
Benz sales
Tellus Automobiles method
Service Co., Ltd.*)
(b) Main financial information of the significant joint ventures
31 Dec 2021/2021 31 Dec 2020/2020
深圳特力吉盟投资有限公司 深圳特力吉盟投资有限公司
Items
(Shenzhen Tellus Jimeng (Shenzhen Tellus Jimeng
Investment Co., Ltd.*) Investment Co., Ltd.*)
Current assets 45,816,920.84 37,797,029.81
Including: Cash and cash
41,913,040.87 34,281,101.96
equivalents
Non-current assets 366,402,308.03 360,906,421.80
Total assets 412,219,228.87 398,703,451.61
Current liabilities 39,971,747.31 27,947,969.41
Non-current liabilities 277,266,000.00 295,422,000.00
Total liabilities 317,237,747.31 323,369,969.41
Non-controlling interests
Total owner’s equity attributable to
94,981,481.56 75,333,482.20
parent Company
Share of net assets calculated at the
47,490,740.78 37,666,741.13
proportion of equity interests
Adjustment matters
—Goodwill
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
31 Dec 2021/2021 31 Dec 2020/2020
深圳特力吉盟投资有限公司 深圳特力吉盟投资有限公司
Items
(Shenzhen Tellus Jimeng (Shenzhen Tellus Jimeng
Investment Co., Ltd.*) Investment Co., Ltd.*)
— Unrealized profit from intragroup
transaction
—Others
Carrying amount of investment in
47,490,740.78 37,666,741.13
the joint venture
Fair value of publicly quoted equity
investment in joint venture
Revenue 94,989,415.30 87,082,384.96
Finance expenses 15,467,775.34 15,850,179.92
Income tax expenses 6,647,599.75 6,905,938.48
Net profit/(loss) 19,647,999.36 21,022,715.25
Net profit from discontinued
operations
Other comprehensive income
Total comprehensive income 19,647,999.36 21,022,715.25
Dividends received from the joint
8,000,000.00
venture
(c) Main financial information of significant associates
Items 31 Dec 2021/2021 31 Dec 2020/2020
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
深圳市仁孚特力汽车服务 深圳市仁孚特力汽车服务 深圳东风汽车
有限公司(Shenzhen Renfu 有限公司(Shenzhen Renfu 有限公司
Tellus Automobiles Service Tellus Automobiles Service (Shenzhen
Co., Ltd.*) Co., Ltd.*) Dongfeng
Automobile Co.,
Ltd.*)
Current Assets 134,921,582.03 214,297,861.00 378,483,991.85
Non-current assets 33,583,787.31 23,368,404.54 172,244,888.77
Total assets 168,505,369.34 237,666,265.54 550,728,880.62
Current liabilities 80,369,170.77 141,645,848.00 344,958,726.39
Non-current liabilities 9,942,186.16 65,583,477.43
Total liabilities 90,311,356.93 141,645,848.00 410,542,203.82
Non-controlling
-14,510,815.59
interests
Total owner’s equity
attributable to parent 78,194,012.41 96,020,417.54 154,697,492.39
Company
Share of net assets
calculated at the
27,367,904.34 33,607,146.14 38,674,373.09
proportion of equity
interests
Adjustment matters
—Goodwill
— Unrealized profit
from intragroup
transaction
—Others
Carrying amount of
27,367,904.34 33,607,146.14 38,674,373.09
investment in the
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
31 Dec 2021/2021 31 Dec 2020/2020
深圳市仁孚特力汽车服务 深圳市仁孚特力汽车服务 深圳东风汽车
有限公司(Shenzhen Renfu 有限公司(Shenzhen Renfu 有限公司
Items Tellus Automobiles Service Tellus Automobiles Service (Shenzhen
Co., Ltd.*) Co., Ltd.*) Dongfeng
Automobile Co.,
Ltd.*)
associate
Fair value of publicly
quoted equity
investment in
associate
Revenue 1,196,335,565.98 1,247,864,433.00 399,893,712.73
Net profit/(loss) 26,521,546.61 30,838,325.75 -26,791,281.02
Net profit from
discontinued
operations
Other comprehensive
income
Total comprehensive
26,521,546.61 30,838,325.75 -26,791,281.02
income
Dividends received
14,000,000.00 10,500,000.00
from the associate
(d) Summarized financial information about insignificant joint ventures and associates
31 December 2021/2021 31 December 2020/2020
Joint venture：
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Total carrying amount of investments 13,452,222.35 12,697,424.88
The aggregate amount of below items
calculated based on proportion of equity
interests:
—Net profit/(loss) 1,174,566.00 1,365,105.69
—Other comprehensive income
—Total comprehensive income 1,174,566.00 1,365,105.69
Associate：
Total carrying amount of investments 995,270.33
The aggregate amount of below items
calculated based on proportion of equity
interests:
—Net profit/(loss) -4,655,318.50
—Other comprehensive income
—Total comprehensive income -4,655,318.50
(e) Excess deficit in joint ventures or associates
Cumulative Unrecognized profit in the
Cumulative
Name of joint ventures or unrecognized loss reporting period (or share of
unrecognized loss at 31
associates at 31 December net profit in the reporting
December 2021
2020 period)
深圳特力汽车服务连锁有
限 公 司 (Shenzhen Tellus
98,865.26 98,865.26
Automobile Services Chain
Co., Ltd.*)
深圳市永通信达检测设备
有 限 责 任 公 司 (Shenzhen
1,176,212.73 1,176,212.73
Yongtong Xinda Inspection
Equipment Co., Ltd.*)
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Note 8. RISKS RELATED TO FINANCIAL INSTRUMENTS
Risks related to the financial instruments of the Company arise from the recognition of various financial assets and financial
liabilities during its operation, including credit risk, liquidity risk and market risk.
Management of the Company is responsible for determining risk management objectives and policies related to financial instruments.
Operational management is responsible for the daily risk management through functional departments (e.g. credit management
department of the Company reviews each credit sale). Internal audit department is responsible for the daily supervision of
implementation of the risk management policies and procedures, and report their findings to the audit committee in a timely manner.
Overall risk management objective of the Company is to establish risk management policies to minimize the risks without unduly
affecting the competitiveness and resilience of the Company.
8.1 Credit Risk
Credit risk is the risk of one party of the financial instrument face to a financial loss because the other party of the financial
instrument fails to fulfill its obligation. The credit risk of the Company is related to cash and equivalent, notes receivable, accounts
receivables, other receivables and long-term receivables. Credit risk of these financial assets is derived from the counterparty ’ s
breach of contract. The maximum risk exposure is equal to the carrying amount of these financial instruments.
Cash and cash equivalent of the Company has lower credit risk, as they are mainly deposited in such financial institutions as
commercial bank, of which the Company thinks with higher reputation and financial position.
For notes receivable, other receivables and long-term receivables, the Company establishes related policies to control their credit risk
exposure. The Company assesses credit capability of its customers and determines their credit terms based on their financial position,
possibility of the guarantee from third party, credit record and other factors (such as current market status, etc.). The Company
monitors its customers’ credit record periodically, and for those customers with poor credit record, the Company will take measures
such as written call, shortening or cancelling their credit terms so as to ensure the overall credit risk of the Company is controllable.
(i) Determination of significant increases in credit risk
The Company assesses at each reporting date as to whether the credit risk on financial instruments has increased significantly since
initial recognition. When the Company determines whether the credit risk has increased significantly since initial recognition, it
considers based on reasonable and supportable information that is available without undue cost or effort, including quantitative and
qualitative analysis of historical information, external credit ratings and forward-looking information. The Company determines the
changes in the risk of a default occurring over the expected life of the financial instrument through comparing the risk of a default
occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the
date of initial recognition based on individual financial instrument or a group of financial instruments with the similar credit risk
characteristics.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
When met one or more of the following quantitative or qualitative criteria, the Company determines that the credit risk on financial
instruments has increased significantly: the quantitative criteria applied mainly because as at the reporting date, the increase in the
probability of default occurring over the lifetime is more than a certain percentage since the initial recognition; the qualitative criteria
applied if the debtor has adverse changes in business and economic conditions, early warning list of customer, and etc.
(ii) Definition of credit-impaired financial assets
The criteria adopted by the Company for determination of credit impairment are consistent with internal credit risk management
objectives of relevant financial instruments in considering both quantitative and qualitative indicators.
When the Company assesses whether the debtor has incurred the credit impairment, the main factors considered are as following:
Significant financial difficulty of the issuer or the borrower; a breach of contract, e.g., default or past-due event; a lender having
granted a concession to the borrower for economic or contractual reasons relating to the borrower ’ s financial difficulty that the
lender would not otherwise consider; the probability that the borrower will enter bankruptcy or other financial re-organisation; the
disappearance of an active market for the financial asset because of financial difficulties of the issuer or the borrower; the purchase or
origination of a financial asset at a deep discount that reflects the incurred credit losses.
(iii) The parameter of expected credit loss measurement
The Company measures impairment provision for different assets with the expected credit loss of 12-month or the lifetime based on
whether there has been a significant increase in credit risk or credit impairment has occurred. The key parameters for expected credit
loss measurement include default probability, default loss rate and default risk exposure. The Company sets up the model of default
probability, default loss rate and default risk exposure in considering the quantitative analysis of historical statistics (such as
counterparties’ ratings, guarantee method and collateral type, repayment method, etc.) and forward-looking information.
Relevant definitions are as following:
Default probability refers to the probability of the debtor will fail to discharge the repayment obligation over the next 12 months or
the entire remaining lifetime;
Default loss rate refers to the Company's expectation of the loss degree of default risk exposure. The default loss rate varies
depending on the type of counterparty, recourse method and priority, and the collateral. The default loss rate is the percentage of the
risk exposure loss when default has occurred and it is calculated over the next 12 months or the entire lifetime;
The default risk exposure refers to the amount that the Company should be repaid when default has occurred in the next 12 months or
the entire lifetime. Both the assessment of significant increase in credit risk of forward-looking information and the calculation of
expected credit losses involve forward-looking information. Through historical data analysis, the Company identifies key economic
indicators that have impact on the credit risk and expected credit losses for each business.
The maximum exposure to credit risk of the Company is the carrying amount of each financial asset in the statement of financial
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
position. The Company does not provide any other guarantees that may expose the Company to credit risk.
8.2 Liquidity Risk
Liquidity risk is the risk of shortage of funds when fulfilling the obligation of settlement by delivering cash or other financial assets.
The Company is responsible for the capital management of all of its subsidiaries, including short-term investment of cash surplus and
dealing with forecasted cash demand by raising loans. The Company’s policy is to monitor the demand for short-term and long-term
floating capital and whether the requirement of loan contracts is satisfied so as to ensure to maintain adequate cash and cash
equivalents.
As at 31 December 2021, the maturity profile of the Company’s financial liabilities is as follows:
31 December 2021
Items
Within 1 year 1-2 years 2-3 years Above 3 years
Accounts payable 69,318,035.89
Other payables 112,617,963.65
Non-current liabilities due
3,021,452.25
within one year
Long-term loans 3,644,467.25 4,609,457.14 5,967,792.71 118,790,550.21
Long-term payables 3,920,160.36
Lease liabilities 1,829,520.13 1,684,781.03 960,241.93
Total 192,522,079.40 6,438,977.27 7,652,573.74 119,750,792.14
(Continued)
31 December 2020
Items
Within 1 year 1-2 years 2-3 years Above 3 years
Accounts payable 76,583,166.53
Other payables 158,617,678.97
Long-term loans 469,213.89 469,213.89 774,906.74 14,207,964.22
Long-term payables 3,920,160.36
Total 239,590,219.75 469,213.89 774,906.74 14,207,964.22
8.3 Market Risk
(a) Foreign currency risk
Foreign currency risk is the risk arising from changes in fair value or future cash flows of financial instrument resulted from changes
248
深圳市特力(集团)股份有限公司 2021 年年度报告全文
in exchange rate. The Company is mainly operated in mainland China, whose main activities are denominated in CNY, hence, the
Company bears insignificant market risk arising from foreign exchange changes.
Please refer to Note 5.56 Foreign Currency for details in foreign currency financial assets and liabilities on the balance sheet date.
(b) Interest rate risk
Interest rate risk of the Company primarily arises from its long-term interest-bearing debts, such as long-term loans and bonds
payables, etc. Financial liabilities with floating interest rate make the Company subject to cash flow interest rate risk, and financial
liabilities with fixed interest rate make the Company subject to fair value interest rate risk. The Company determines the relative
proportion of the fixed interest contracts and floating interest contracts based on the current market environment.
Finance department of the Company’s headquarter monitors interest rate of the group continuously. Increase of the interest rate will
result in the increase of the cost of new interest-bearing debts and the interest expense of the unpaid interest-bearing debts with
floating rate, and subsequently lead to significant negative impact on the financial performance of the Company. The management
makes adjustment in accordance with the update market condition in a timely manner.
Note 9. FAIR VALUE DISCLOSURES
The inputs used in the fair value measurement in its entirety are to be classified in the level of the hierarchy in which the lowest level
input that is significant to the measurement is classified.
Level 1: Inputs consist of unadjusted quoted prices in active markets for identical assets or liabilities
Level 2: Inputs for the assets or liabilities (other than those included in Level 1) that are either directly or indirectly observable.
Level 3: Inputs are unobservable inputs for the assets or liabilities
9.1 Assets and Liabilities Measured at Fair Value at 31 December 2021
Fair value at 31 December 2021
Items
Level 1 Level 2 Level 3 Total
Recurring fair value measurements
(a) Held-for-trading financial assets 412,712,843.84 412,712,843.84
(i) Financial assets designated as at
fair value through profit or loss
Structured deposits and financial
412,712,843.84 412,712,843.84
products
(b) Other equity instrument investment 10,176,617.20 10,176,617.20
Total assets measured at fair value on a
422,889,461.04 422,889,461.04
recurring basis
The fair value of financial instruments traded in an active market is based on quoted market prices at the reporting date. The fair
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
value of financial instruments not traded in an active market is determined by using valuation techniques. Specific valuation
techniques used to value the above financial instruments include discounted cash flow and market approach to comparable Company
model. Inputs in the valuation technique include risk-free interest rates, benchmark interest rates, exchange rates, credit spreads,
liquidity premiums, discount for lack of liquidity.
9.2 Valuation Technique(s), Qualitative and Quantitative Information about the Significant Inputs Used for Fair Value
Measurement in Level 3 on a Recurring or Nonrecurring Basis
The trading financial assets are the structured deposits and financial products purchased. The future cash flow is predicted by the
expected rate of return, and the unobservable estimate is the expected rate of return. As the business environment, operation and
financial situation of the invested enterprise China Pudong Development Machinery Industry Co., Ltd. have not changed significantly,
the Company measures the investment cost as a reasonable estimate of the fair value.
Note 10. RELATED PARTIES AND RELATED PARTY TRANSACTIONS
Recognition of related parties: The Company has control or joint control of, or exercise significant influence over another party; or
the Company is controlled or jointly controlled, or significant influenced by another party.
10.1 General Information of the Parent Company
Percentage of Voting rights
Name of the Registered Registered
Nature of the business equity interests in in the
parent address capital
the Company (%) Company (%)
Shenzhen Real estate development
Shenzhen SDG
and management, 4,582.82 million 49.09 49.09
Group Co., Ltd.
domestic business
(1) Remarks on the parent Company
Shenzhen SDG Group Co., Ltd. was invested by the State-owned Assets Supervision and Administration Commission of the People’
s Government of Shenzhen Municipal (the“Shenzhen SASAC” and established on August 1, 1981. Shenzhen SDG Group Co., Ltd.
currently holds a business license with unified social credit code of 91440300192194195C, with registered capital of CNY 4,582.82
million.
(2) The Company’s ultimate controlling party is Shenzhen SASAC.
10.2 General Information of Subsidiaries
Details of the subsidiaries please refer to Notes 7 INTERESTS IN OTHER ENTITIES.
10.3 Joint Ventures and Associates of the Company
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
(a) General information of significant joint ventures and associates
Details of significant joint ventures and associates please refer to Notes 7 INTERESTS IN OTHER ENTITIES
(b) Details of other joint ventures or associates trading with or with outstanding to the Company during the reporting period
Name Relationship with the Company
深 圳 市 新 永 通 汽 车 服 务 有 限 公 司 (Shenzhen Associate originally, transferred in current
Xinyongtong Dongxiao Automobile Service Co., Ltd.*) period
深圳市特力新永通汽车服务有限公司(Shenzhen Tellus
Associate
Xinyongtong Automobile Service Co., Ltd.*)
深 圳 市 新 永 通 东 晓 汽 车 服 务 有 限 公 司 (Shenzhen Associate originally, transferred in
Xinyongtong Dongxiao Automobile Service Co., Ltd.*) previous period
深 圳 特 力 汽 车 服 务 连 锁 有 限 公 司 (Shenzhen Tellus
Associate
Automobile Services Chain Co., Ltd.*)
深 圳 市 永 通 信 达 检 测 设 备 有 限 责 任 公 司 (Shenzhen
Associate
Yongtong Xinda Inspection Equipment Co., Ltd.*)
深 圳市 先 导新 材 料有 限 公 司(Shenzhen Xiandao New
Associate
Materials Co., Ltd.*)
深 圳 市 特 力 行 投 资 有 限 公 司 (Shenzhen Tellus Xing
Joint venture
Investment Co., Ltd.*)
10.4 Other Related Parties of the Company
Name Relationship with the Company
深圳市特发小额贷款有限公司 Holding subsidiary of the parent
(Shenzhen SDG Microfinance Co., Ltd.*) Company
深圳市特发天鹅实业公司 Holding subsidiary of the parent
(Shenzhen SDG Swan Industrial Co., Ltd.*) Company
深圳市机械设备进出口公司
Holding subsidiary of the parent
(Shenzhen Machinery and Equipment Import and Export
Company
Co., Ltd.*)
深圳市特发地产有限公司 Holding subsidiary of the parent
(Shenzhen SDG Real Estate Co., Ltd.*) Company
香港裕嘉投资有限公司 Holding subsidiary of the parent
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Name Relationship with the Company
(Hong Kong Yujia Investment Co., Ltd.*) Company
深圳市特发工程管理有限责任公司 Holding subsidiary of the parent
(Shenzhen SDG Engineering Management Co., Ltd.*) Company
深圳市特力阳春房地产公司 Holding subsidiary of the parent
(Shenzhen Tellus Yangchun Real Estate Co., Ltd.*) Company
深圳龙岗特力房地产公司 Holding subsidiary of the parent
(Shenzhen Longgang Tellus Real Estate Co., Ltd.*) Company
深圳市特发特力物业管理有限公司 Holding subsidiary of the parent
(Shenzhen SDG Tellus Property Management Co., Ltd.*) Company
深圳市特发服务股份有限公司珠宝园分公司 Holding subsidiary of the parent
(Shenzhen SDG Service Co., Ltd. Jewelry Park Branch*) Company
深圳华丽装修家私企业公司
(Shenzhen Huali Decoration Furniture Enterprise Co., Associate of the parent company
Ltd.*)
安徽金尊珠宝有限公司
Participating shareholder
(Anhui Jinzun Jewelry Co., Ltd.*)
汉成能源集团有限公司 Shareholder of significant original
(Hubei Han’s Industry Investment Co.,Ltd.*) associates
10.5 Related Party Transactions
(a) Purchases or sales of goods, rendering or receiving of services
Purchases of goods, receiving of services:
Nature of the
Related parties 2021 2020
transaction(s)
深圳市特发工程管理有限责任公司
(Shenzhen SDG Engineering Receiving of services 1,976,807.29 838,867.91
Management Co., Ltd.*)
深圳市特发特力物业管理有限公司
(Shenzhen SDG Tellus Property Receiving of services 10,137,230.33 14,396,112.96
Management Co., Ltd.*)
深圳市特发服务股份有限公司 Receiving of services 4,270,312.85
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Nature of the
Related parties 2021 2020
transaction(s)
(Shenzhen SDG Service Co., Ltd.*)
深圳市特发服务股份有限公司珠宝
园分公司(Shenzhen SDG Service Co., Receiving of services 861,379.56 1,046,227.65
Ltd. Jewelry Park Branch)
深圳华丽装修家私企业公司
(Shenzhen Huali Decoration Furniture Receiving of services 3,094,128.99
Enterprise Co., Ltd.*)
Sales of goods and rendering of services:
Nature of the
Related parties 2021 2020
transaction(s)
深圳市特发小额贷款有限公司
(Shenzhen SDG Microfinance Co., Rendering of services 207,640.32 161,205.25
Ltd.*)
深圳市特发服务股份有限公司珠宝
园分公司(Shenzhen SDG Service Co., Rendering of services 6,693.06
Ltd. Jewelry Park Branch)
深圳市特发集团有限公司(Shenzhen
Rendering of services 45,592.00
SDG Group Co., Ltd.*)
深圳市特发特力物业管理有限公司
(Shenzhen SDG Tellus Property Rendering of services 1,876.11 6,868.14
Management Co., Ltd.*)
(b) Leases
The Company as lessor:
The lessee Type of assets leased 2021 2020
深圳市仁孚特力汽车服务有限公司
(Shenzhen Renfu Tellus Automobiles House leasing 5,250,031.70 3,857,142.90
Service Co., Ltd.*)
深圳市新永通汽车服务有限公司
House leasing 717,300.00 527,029.51
(Shenzhen Xinyongtong Automobile
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Service Co., Ltd.*)
深圳市新永通东晓汽车服务有限公
司 (Shenzhen Xinyongtong Dongxiao House leasing 173,534.28
Automobile Service Co., Ltd.*)
深圳市特发小额贷款有限公司
(Shenzhen SDG Microfinance Co., House leasing 1,103,104.38 975,808.45
Ltd.*)
深圳市特发特力物业管理有限公司
(Shenzhen SDG Tellus Property House leasing 75,897.40 44,754.54
Management Co., Ltd.*)
深圳市特发服务股份有限公司珠宝
园分公司(Shenzhen SDG Service Co., House leasing 2,073,048.97 1,801,091.36
Ltd. Jewelry Park Branch*)
深圳市特发服务股份有限公司
House leasing 22,217.14
(Shenzhen SDG Service Co., Ltd.*)
深圳市永通信达检测设备有限责任
公 司 (Shenzhen Yongtong Xinda House leasing 32,061.90
Inspection Equipment Co., Ltd.*)
(c) Key management personnel compensation
Items 2021 2020
Key management personnel compensation 9,035,700.00 6,954,700.00
10.6 Receivables and Payables with Related Parties
(a) Receivables
Closing balance Opening balance
Items Related parties Provision for Provision for
Book balance Book balance
bad debts bad debts
深圳市新永通汽车服务有
Accounts 限公司(Shenzhen
927,602.00 927,602.00
receivable Xinyongtong Automobile
Service Co., Ltd.*）
深圳市特发服务股份有限 9,167.57 91.68
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Closing balance Opening balance
Items Related parties Provision for Provision for
Book balance Book balance
bad debts bad debts
公司珠宝园分公司
(Shenzhen SDG Service
Co., Ltd. Jewelry Park
Branch*)
深圳市特发小额贷款有限
公司(Shenzhen SDG 17,791.06 177.91 115,481.80 1,154.82
Microfinance Co., Ltd.*)
Subtotal 26,958.63 269.59 1,043,083.80 928,756.82
深圳东风汽车有限公司
Dividend
(Shenzhen Dongfeng 24,100,548.07
receivable
Automobile Co., Ltd.*)
Subtotal 24,100,548.07
深圳特力汽车服务连锁有
限公司(Shenzhen Tellus
Other receivables 1,359,297.00 1,359,297.00 1,359,297.00 1,359,297.00
Automobile Services
Chain Co., Ltd.*)
深圳市永通信达检测设备
有限责任公司(Shenzhen
531,882.24 531,882.24 531,882.24 531,882.24
Yongtong Xinda Inspection
Equipment Co., Ltd.*)
深圳市先导新材料有限公
司(Shenzhen Xiandao New 660,790.09 660,790.09 660,790.09 660,790.09
Materials Co., Ltd.*)
深圳市特力新永通汽车服
务有限公司(Shenzhen
Tellus Xinyongtong 114,776.33 114,776.33
Automobile Service Co.,
Ltd.*)
深圳市特发特力物业管理
12,829.59 128.3
有限公司(Shenzhen SDG
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Closing balance Opening balance
Items Related parties Provision for Provision for
Book balance Book balance
bad debts bad debts
Tellus Property
Management Co., Ltd. *)
Subtotal 2,564,798.92 2,552,097.63 2,666,745.66 2,666,745.66
深圳特力汽车服务连锁有
Long-term 限公司(Shenzhen Tellus
2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
receivables Automobile Services
Chain Co., Ltd.*)
Subtotal 2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
(b) Payables
Items Related parties Closing balance Opening balance
深圳市特发地产有限公司(Shenzhen SDG
Accounts payable 6,054,855.46 6,054,855.46
Real Estate Co., Ltd.*)
深 圳 市 机 械 设 备 进 出 口 公 司 (Shenzhen
Machinery and Equipment Import and Export 45,300.00 45,300.00
Co., Ltd. *)
深 圳 特 力 吉 盟 投 资 有 限 公 司 (Shenzhen
200,000.00 200,000.00
Tellus Jimeng Investment Co., Ltd. *)
深圳市特发工程管理有限责任公司
(Shenzhen SDG Engineering Management 150,005.66 12,905.66
Co., Ltd. *)
深圳市特发特力物业管理有限公司
(Shenzhen SDG Tellus Property Management 1,708,125.16 2,516,323.68
Co., Ltd. *)
深圳华丽装修家私企业公司
(Shenzhen Huali Decoration Furniture 1,042,036.18
Enterprise Co., Ltd.*)
Subtotal 9,200,322.46 8,829,384.80
深圳市仁孚特力汽车服务有限公司
Advance 492,095.20
(Shenzhen Renfu Tellus Automobiles Service
256
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Items Related parties Closing balance Opening balance
Payment Co., Ltd. *)
Subtotal 492,095.20
香港裕 嘉投资有 限公司(Hong Kong Yujia
Other payables 1,961,673.06 2,172,091.54
Investment Co., Ltd. *)
深圳市特发天鹅实业公司(Shenzhen SDG
28,766.05 20,703.25
Swan Industrial Co., Ltd. *)
深 圳 市 机 械 设 备 进 出 口 公 司 (Shenzhen
Machinery and Equipment Import and Export 1,575,452.52 1,554,196.80
Co., Ltd. *)
深圳市特发集团有限公司(Shenzhen SDG
17,383,655.94 17,429,247.94
Group Co., Ltd. *)
深 圳 龙 岗 特 力 房 地 产 公 司 (Shenzhen
1,095,742.50 1,095,742.50
Longgang Tellus Real Estate Co., Ltd. *)
深 圳 市 特 力 阳 春 房 地 产 公 司 (Shenzhen
476,217.49 476,217.49
Tellus Yangchun Real Estate Co., Ltd. *)
深 圳 市 特 力 行 投 资 有 限 公 司 (Shenzhen
167,470.29 122,978.63
Tellus Xing Investment Co., Ltd. *)
深圳市永通信达检测设备有限责任公司
(Shenzhen Yongtong Xinda Inspection 5,600.00 5,600.00
Equipment Co., Ltd. *)
安 徽 金 尊 珠 宝 有 限 公 司 (Anhui Jinzun
1,330,000.00
Jewelry Co., Ltd. *)
深圳市特发特力物业管理有限公司
(Shenzhen SDG Tellus Property Management 122,141.49 124,550.87
Co., Ltd. *)
深圳市特发服务股份有限公司珠宝园分公
司 (Shenzhen SDG Service Co., Ltd. Jewelry 29,278.00 6,598.00
Park Branch)
深圳市仁孚特力汽车服务有限公司
(Shenzhen Renfu Tellus Automobiles Service 833,334.00 833,334.00
Co., Ltd. *)
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Items Related parties Closing balance Opening balance
深圳 市特 发小额 贷款 有限公 司(Shenzhen
237,804.66 227,836.80
SDG Microfinance Co., Ltd. *)
深圳市特发工程管理有限责任公司
(Shenzhen SDG Engineering Management 56,600.00 58,100.00
Co., Ltd. *)
汉 成 能 源 集 团 有 限 公 司 (Hubei Han ’ s
51,000,000.00
Industry Investment Co.,Ltd.*)
深圳市特发服务股份有限公司
5,832.00
(Shenzhen SDG Service Co., Ltd.*)
深圳华丽装修家私企业公司
(Shenzhen Huali Decoration Furniture 166,956.51
Enterprise Co., Ltd.*)
Subtotal 24,146,524.51 76,457,197.82
Note 11. COMMITMENTS AND CONTINGENCIES
11.1 Significant Commitments
(a) Capital commitments:
Capital commitments signed but not yet recognized in the
31 December 2021 31 December 2020
financial statements
Large contract 153,763,306.33 220,523,772.58
11.2 Contingencies
Significant contingencies existing at the balance sheet date:
In October 2005, the Company filed a lawsuit to the Shenzhen Luohu District People’s Court, requesting 金田实业（集团）股份
有 限 公 司 (Gintian Industry (Group) Co., Ltd. , hereinafter referred to as “ Gintian Company ” ) to compensate its mandatory
deduction due to the guarantee provided for bank borrowings of Gintian Company. The total amount was CNY 4,081,830, including
principal of CNY 3 million, interests of CNY 1,051,380, litigation costs of CNY 25,160, and execution costs of CNY 5,290. The
court has decided in favor of the Company, and the Company has applied for enforcement. The funds deducted in previous years
The English name is for identification purpose only.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
have been accounted for as losses.
In April 2006, 深 圳 发 展 银 行 (Shenzhen Development Bank Co., Ltd.*) filed a lawsuit against Gintian Company for overdue
repayment of USD 2 million and against the Company as the guarantor. After paying the principal of USD 2 million and interests
thereof on behalf of Gintian Company, the Company filed an appeal to Shenzhen Luohu District People’s Court, requesting Gintian
Company to repay fund of USD 2,960,490 and interests thereof. Through the mediation from Shenzhen Luohu District People ’s
Court in 2008, a civil mediation agreement ((2008) Shen Luo Fa Min Yi Chu Zi No. 937) was issued, and it was agreed that: Gintian
Company shall pay the Company USD 2,960,490 before October 31, 2008, with interests exempted; if Gintian Company fails to
make payment on time, it shall pay the liquidated damages for overdue payment based on the CNY benchmark loan interest rate
published by the People’s Bank of China for the same period.
Gintian Company went through bankruptcy reorganization process. On January 29, 2016, the Shenzhen Intermediate People’s Court
ruled that the reorganization plan of Gintian Company was completed and the bankruptcy process was terminated. Gintian Company
shall make additional allocations to creditors including the Company according to the reorganization plan, and the Company should
obtain cash of CNY 325,000, A shares of 427,604 shares and B shares of 163,886 shares of Gintian Company. As of the date of
approval for issuing this financial report, the Company hasn’t received the allocated assets.
The Company filed a lawsuit to Qianhai Cooperation District People ’ s Court on August 15, 2018 after repeatedly failed to
communicate with Jintian Company about the cash and equity that should be distributed to the Company after the bankruptcy and
reorganization of Jintian Company. The court ordered on February 13, 2020 ((2018) Yue 0391 minchu No. 3104 civil judgment)
Jintian Company to pay CNY 325,000 to the Company within five days after the judgment came into force, and 427604 A shares and
163886 B shares of Jintian Company (if the shares can’t be delivered, they can be paid after being converted into cash according to
the stock market price on the last day of the performance period). On January 7, 2021, the Company applied for compulsory
execution by Qianhai Cooperation District People’s Court. In the current period, the Court confirmed that the person subjected to
execution should pay the company B-share discount, preservation fee, delay payment and other funds, totaling CNY 74,358.02. As of
December 31, 2021, the company has received an execution payment of CNY 326,450.47 in cash, submitted an application for
discount and transfer of B shares and an application for transfer of a shares to the court, and the transfer has not been completed.
Note 12. EVENTS AFTER THE REPORTING PERIOD
12.1 Profit Distribution
According to the profit distribution plan for 2021 approved by the formal meeting of the ninth board of directors on April 6, 2022, the
Company plans to distribute cash dividend of CNY 0.25 (tax included) to all shareholders for every 10 shares, with 431,058,320 total
shares as the base as of December 31, 2021, and a total of CNY 10,776,458.00 in cash, without bonus shares or capital reserve. The
above profit distribution plan has yet to be reviewed and approved by the general meeting of shareholders of the Company.
259
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Note 13. OTHER SIGNIFICANT MATTERS
13.1 Segment Information
(a) Basis of identification and accounting policies of reportable segments
Reportable segments are identified based on operating segments which are determined based on the structure of the Company ’ s
internal organization, management requirements and internal reporting system. The Company identified reportable segments based
on industry. Business performance of auto sales, vehicle maintenance and inspection, leasing and services, and wholesale and retail
of jewelry were evaluated separately. Assets and liabilities shared by different segments are allocated between segments
proportionate to their respective size.
(b) Financial information of reportable segments
Vehicle Sales and
Leasing and Inter-segment
Items Auto sales maintenance service of Total
services offsetting
and inspection jewelry
Revenue
from main 194,373,092.47 81,491,892.59 211,340,991.30 59,404,147.76 -47,727,174.31 498,882,949.81
operations
Cost of
main 184,509,794.34 71,640,658.58 82,859,167.59 58,919,409.24 -47,499,950.81 350,429,078.94
operations
2,951,443,326.7 1,859,645,205.4
Total assets 40,699,909.80 121,001,290.01 82,323,334.76 -1,335,822,655.85
1 3
Total
40,221,145.93 78,970,761.95 896,703,938.83 30,169,014.45 -643,609,481.53 402,455,379.63
liabilities
Note 14. NOTES TO THE MAIN ITEMS OF THE FINANCIAL STATEMENTS OF THE PARENT COMPANY
14.1 Accounts Receivable
(1) Age analysis
Ages Dec 31, 2021 Dec 31, 2020
Within 1 year 117,501.42 248,723.43
1 – 2 years 3,360.00
2 – 3 years 3,360.00
Over 3 years 484,803.08 484,803.08
Subtotal 605,664.50 736,886.51
Less: provision for bad debts 486,650.09 487,458.31
260
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Ages Dec 31, 2021 Dec 31, 2020
Total 119,014.41 249,428.20
(2) Details on categories
Closing balance
Book balance Provision for bad debts
Categories Carrying
Provision
Amount % to total Amount amount
proportion (%)
Receivables with
provision made on an 484,803.08 80.04 484,803.08 100
individual basis
Receivables with
provision made on a 120,861.42 19.96 1,847.01 1.53 119,014.41
collective basis
Total 605,664.50 100 486,650.09 80.35 119,014.41
(Continued)
Opening balance
Book balance Provision for bad debts
Categories Carrying
Provision
Amount % to total Amount amount
proportion (%)
Receivables with
provision made on an 484,803.08 65.79 484,803.08 100
individual basis
Receivables with
provision made on a 252,083.43 34.21 2,655.23 1.05 249,428.20
collective basis
Total 736,886.51 100 487,458.31 66.15 249,428.20
a) Accounts receivable with provision made on an individual basis
Provision for Provision Reasons for
Debtors Book balance
bad debts proportion (%) provision made
Expected to be
深圳笔架山娱乐公司
172,000.00 172,000.00 100 unrecoverable due
(Shenzhen Bijiashan
to long ages
261
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Provision for Provision Reasons for
Debtors Book balance
bad debts proportion (%) provision made
Entertainment Company)
Expected to be
龚炎清
97,806.64 97,806.64 100 unrecoverable due
(Gong Yanqing)
to long ages
广州乐敏电脑中心 Expected to be
(Guangzhou Lemin 86,940.00 86,940.00 100 unrecoverable due
Computer Center*) to long ages
Expected to be
Others 128,056.44 128,056.44 100 unrecoverable due
to long ages
Subtotal 484,803.08 484,803.08 100
b) Accounts receivable with provision for bad debts made on a collective basis
Dec 31, 2021
Ages Provision for bad Provision proportion
Book balance
debts (%)
Within 1 year 117,501.42 1,175.01 1
1 – 2 Years
2 – 3 Years 3,360.00 672 20
Over 3 years
Subtotal 120,861.42 1,847.01 1.53
(continued)
Dec 31, 2020
Ages Provision for bad Provision proportion
Book balance
debts (%)
Within 1 year 248,723.43 2,487.23 1
1 – 2 Years 3,360.00 168 5
The English names are for identification purpose only.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Dec 31, 2020
Ages Provision for bad Provision proportion
Book balance
debts (%)
2 – 3 Years
Over 3 years
Subtotal 252,083.43 2,655.23 1.05
See Note 3.10, for details of recognition criteria and instructions for provision for bad debts made on a collective basis.
(3) Changes in provision for bad debts
Increase Decrease
Opening Closing
Items Written-
balance Accrual Recovery Others Reversal Others balance
off
Receivables with
provision made
484,803.08 484,803.08
on an individual
basis
Receivables with
provision made
2,655.23 -808.22 1,847.01
on a collective
basis
Subtotal 487,458.31 -808.22 486,650.09
(4) Details of the top 5 debtors with largest balances
Proportion to the total
Provision for bad
Debtors Book balance balance of accounts
debts
receivable (%)
深圳市金城银域珠宝首饰有限公司
(Shenzhen Jincheng Yinyu Jewelry 117,501.42 19.4 1,175.01
Co., Ltd.)
深 圳 笔 架 山 娱 乐 公 司 (Shenzhen
172,000.00 28.4 172,000.00
Bijiashan Entertainment Company)
The English names are for identification purpose only.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Proportion to the total
Provision for bad
Debtors Book balance balance of accounts
debts
receivable (%)
龚炎清(Gong Yanqing) 97,806.64 16.15 97,806.64
广州乐敏电脑中心(Guangzhou Lemin
86,940.00 14.35 86,940.00
Computer Center)
兰 州 大船 电 子 公 司 (Lanzhou
37,308.00 6.16 37,308.00
Dachuan Electronics Co., Ltd.*)
Subtotal 511,556.06 84.46 395,229.65
14.2 Other Receivables
(1) Details by category
Items Closing balance Opening balance
Interest receivable
Dividend receivable 547,184.35 547,184.35
Other receivables 89,854,408.23 126,422,912.78
Total 90,401,592.58 126,970,097.13
(2) Dividend receivable
(a) Details
Items Closing balance Opening balance
China Perfect Machinery Industry Corp., Ltd. 547,184.35 547,184.35
Total 547,184.35 547,184.35
(b) Dividend receivable over 1 year
Items Closing balance Ages Reasons Notes
China Perfect Machinery
547,184.35 2 – 3 years not yet paid No impairment
Industry Corp., Ltd.
Total 547,184.35
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
(3) Other receivables
(a)Other receivables categorized by ages
Ages Closing Balance Opening Balance
Within 1 year 89,818,515.19 126,378,704.11
1 – 2 years 46,698.00
2 – 3 years 46,698.00
Over 3 years 13,582,945.74 13,588,345.66
Subtotal 103,448,158.93 140,013,747.77
Less: provision for bad debts 13,593,750.70 13,590,834.99
Total 89,854,408.23 126,422,912.78
(b) Other receivables categorized by nature
Nature of receivables Closing balance Opening balance
Temporary advance payment receivable 13,776,179.52 13,650,486.51
Related transactions within the consolidation
89,671,979.41 126,363,261.26
scope
Total 103,448,158.93 140,013,747.77
(c) Other receivables categorized by methods of provision for bad debts
A. As of 2021-12-31, provision for bad debts according to the model of phase I/II/III:
Phase Closing balance Provision for bad debts Opening balance
I 89,865,213.19 10,804.96 89,854,408.23
II
III 13,582,945.74 13,582,945.74
Total 103,448,158.93 13,593,750.70 89,854,408.23
As of 2021-12-31, provision for bad debts at phase I:
Provision Reasons for
Provision Carrying
Catagories Book Balance for bad provision made
proportion (%) Amount
debts
265
深圳市特力(集团)股份有限公司 2021 年年度报告全文
Provision Reasons for
Provision Carrying
Catagories Book Balance for bad provision made
proportion (%) Amount
debts
Receivables with provision
made on an individual basis
Receivables with provision
89,865,213.19 0.01 10,804.96 89,854,408.23
made on a collective basis
no dramatic
credit risk
1. Portfolio grouped with ages 193,233.78 5.59 10,804.96 182,428.82
change after
confirmed
no dramatic
2. Portfolio grouped with
credit risk
balances due from 89,671,979.41 89,671,979.41
change after
consolidated parties
confirmed
Total 89,865,213.19 0.01 10,804.96 89,854,408.23
As of 2021-12-31, provision for bad debts at phase III:
Provision Provision for Carrying Reasons for
Catagories Book Balance
proportion (%) bad debts Amount provision made
credit risk
Receivables with provision change
13,582,945.74 100 13,582,945.74
made on an individual basis dramatically
after confirmed
Total 13,582,945.74 100 13,582,945.74
B. As of 2020-12-31, provision for bad debts according to the model of phase I/II/III:
Phase Closing balance Provision for bad debts Opening balance
I 126,425,402.11 2,489.33 126,422,912.78
II
III 13,588,345.66 13,588,345.66
Total 140,013,747.77 13,590,834.99 126,422,912.78
As of 2020-12-31, provision for bad debts at phase I:
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Provision Provision for Reasons for
Catagories Book Balance Carrying Amount
proportion (%) bad debts provision made
Receivables with
provision made on an
individual basis
Receivables with
provision made on a 126,425,402.11 0 2,489.33 126,422,912.78
collective basis
no dramatic
1. Portfolio grouped credit risk
62,140.85 4.01 2,489.33 59,651.52
with ages change after
confirmed
no dramatic
2. Portfolio grouped
credit risk
with balances due from 126,363,261.26 126,363,261.26
change after
consolidated parties
confirmed
Total 126,425,402.11 0 2,489.33 126,422,912.78
As of 2020-12-31, provision for bad debts at phase III:
Provision Provision for Reasons for
Catagories Book Balance Carrying Amount
proportion (%) bad debts provision made
credit risk
Receivables with
change
provision made on an 13,588,345.66 100 13,588,345.66
dramatically
individual basis
after confirmed
Total 13,588,345.66 100 13,588,345.66
As of 2021-12-31, other receivables with provision made on an individual basis.
Debtors Book balance Provision for bad debts Provision proportion (%)
Shenzhen Zhonghao
5,000,000.00 5,000,000.00 100.00
(Group) Co., Ltd.
Jinbeili Household
2,706,983.51 2,706,983.51 100.00
Appliances Co., Ltd.
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深圳市特力(集团)股份有限公司 2021 年年度报告全文
Debtors Book balance Provision for bad debts Provision proportion (%)
Shenzhen Petrochemical
1,898,419.67 1,898,419.67 100
(Group) Co., Ltd.
Shenzhen SDG Huatong
1,212,373.79 1,212,373.79 100.00
Packaging Co., Ltd.
Shenzhen Xiandao New
660,790.09 660,790.09 100.00
Materials Co., Ltd.
Others 2,104,378.68 2,104,378.68 100.00
Total 13,582,945.74 13,582,945.74 100
As of 2021-12-31, other receivables with provision made on a collective basis.
Catagories Book Balance Provision proportion (%) Provision for bad debts
1. Portfolio grouped with
193,233.78 10,804.96 5.59
ages
Including: Within 1 year 146,535.78 1,465.36 1
1 – 2 years
2 – 3 years 46,698.00 9,339.60 20
Over 3 years
2. Portfolio grouped with
balances due from 89,671,979.41
consolidated parties
Total 89,865,213.19 10,804.96 0.01
As of 2020-12-31, other receivables with provision made on a collective basis.
Catagories Book Balance Provision proportion (%) Provision for bad debts
1. Portfolio grouped with
62,140.85 2,489.33 4.01
ages
Including: Within 1 year 15,442.85 154.43 1
1 – 2 years 46,698.00 2,334.90 5
2 – 3 years
Over 3 years
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Catagories Book Balance Provision proportion (%) Provision for bad debts
2. Portfolio grouped with
balances due from 126,363,261.26
consolidated parties
Total 126,425,402.11 2,489.33 0
(d) Changes in provision for bad debts
Phase I Phase II Phase III
12month Lifetime expected Lifetime expected
Items Total
expected credit credit losses (credit credit losses (credit
losses not impaired) impaired)
Opening balance 2,489.33 13,588,345.66 13,590,834.99
Opening balance in current
period
--Transferred to phase II
--Transferred to phase III
--Reversed to phase II
--Reversed to phase I
Provision made in current
8,315.63 -5399.92 2,915.71
period
Provision recovered in current
period
Provision reversed in current
period
Provision written-off in current
period
Other changes
Closing balance 10,804.96 13,582,945.74 13,593,750.70
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(e) Details of the top 5 debtors with largest balances
Proportion to the
Nature of Provision for
Debtors Book balance Ages total balance of other
receivables bad debts
receivables (%)
Shenzhen Zhongtian Internal
88,889,042.29 Within 1 year 85.93
Industrial Co., Ltd. accounts
Shenzhen Zhonghao Current
5,000,000.00 Over 5 years 4.83 5,000,000.00
(Group) Co., Ltd. accounts
Jinbeili Household Current
2,706,983.51 Over 5 years 2.61 2,706,983.51
Appliances Co., Ltd. accounts
Shenzhen Petrochemical Current
1,898,419.67 Over 5 years 1.84 1,898,419.67
(Group) Co., Ltd. accounts
Shenzhen SDG Huatong Current
1,212,373.79 Over 5 years 1.17 1,212,373.79
Packaging Co., Ltd. accounts
Subtotal 99,706,819.26 96.38 10,817,776.97
14.3 Long-term Equity Investments
(1) Categories
Closing balance Opening balance
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
Investm
ents in
694,745,472.73 1,956,000.00 692,789,472.73 799,743,472.73 6,954,000.00 792,789,472.73
subsidia
ries
Investm
ents in
associat
98,098,029.79 9,787,162.32 88,310,867.47 93,758,474.47 9,787,162.32 83,971,312.15
es and
joint
ventures
Total 792,843,502.52 11,743,162.32 781,100,340.20 893,501,947.20 16,741,162.32 876,760,784.88
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(2) Investments in subsidiaries
Provision for Closing
Opening impairment balance of
Investees Increase Decrease Closing balance
balance made in provision for
current period impairment
Shenzhen SDG
Tellus Real Estate 31,152,888.87 31,152,888.87
Co., Ltd.
Shenzhen Tellus
Chuangying
14,000,000.00 14,000,000.00
Technology Co.,
Ltd.
Shenzhen Tellus
Xinyongtong
Automobile 57,672,885.22 57,672,885.22
Development Co.,
Ltd.
Shenzhen Zhongtian
369,680,522.90 369,680,522.90
Industrial Co., Ltd.
Shenzhen
Automobile
126,251,071.57 126,251,071.57
Industry and Trade
Co., Ltd.
Shenzhen SDG
Huari Automobile 19,224,692.65 19,224,692.65
Enterprise Co., Ltd.
Shenzhen Huari
Toyota Auto Sales 1,807,411.52 1,807,411.52
Service Co., Ltd.
Shenzhen
Xinyongtong Auto
10,000,000.00 10,000,000.00
Vehicle Inspection
Equipment Co., Ltd.
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Provision for Closing
Opening impairment balance of
Investees Increase Decrease Closing balance
balance made in provision for
current period impairment
Sichuan Tellus
100,000,000
Jewelry Technology 100,000,000.00
.00
Co., Ltd.
Shenzhen Tellus
Baoku Supply
50,000,000.00 50,000,000.00
Chain Technology
Co., Ltd.
Shenzhen Haneco
Technologies 1,956,000.00
Ceramics Co., Ltd.
Shenzhen Jewelry
Industry Service 13,000,000.00 13,000,000.00
Co., Ltd
100,000,000
Subtotal 792,789,472.73 692,789,472.73 1,956,000.00
.00
(3) Investments in associates and joint ventures
Increase/Decrease
Investment
Adjustment in other
Investees Opening balance Investments Investments income
comprehensive
increased decreased recognized under
income
equity method
Joint ventures
Shenzhen Tellus Jimeng
37,666,741.13 9,823,999.65
Investment Co., Ltd.
Shenzhen Tellus Xing
12,697,424.88 754,797.47
Investment Co., Ltd.
Subtotal 50,364,166.01 10,578,797.12
Associates
Shenzhen Renfu Tellus 33,607,146.14 7,760,758.20
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Increase/Decrease
Investment
Adjustment in other
Investees Opening balance Investments Investments income
comprehensive
increased decreased recognized under
income
equity method
Automobiles Service
Co., Ltd.
Hunan Changyang
Industrial Co., Ltd.
Shenzhen Jiecheng
Electronic Co., Ltd.
Shenzhen Xiandao New
Materials Co., Ltd.
Subtotal 33,607,146.14 7,760,758.20
Total 83,971,312.15 18,339,555.32
(Continued)
Increase/Decrease
Closing balance
Cash dividend/profit
Investees Changes in Provision for Closing balance of provision for
declared for Others
other equity impairment impairment
distribution
Joint ventures
Shenzhen Tellus
Jimeng Investment 47,490,740.78
Co., Ltd.
Shenzhen Tellus Xing
13,452,222.35
Investment Co., Ltd.
Subtotal 60,942,963.13
Associates
Shenzhen Renfu Tellus
Automobile Service 14,000,000.00 27,367,904.34
Co., Ltd.
Hunan Changyang
1,810,540.70
Industrial Co., Ltd.
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Increase/Decrease
Closing balance
Cash dividend/profit
Investees Changes in Provision for Closing balance of provision for
declared for Others
other equity impairment impairment
distribution
Shenzhen Jiecheng
3,225,000.00
Electronic Co., Ltd.
Shenzhen Xiandao
New Materials Co., 4,751,621.62
Ltd.
Subtotal 14,000,000.00 27,367,904.34 9,787,162.32
Total 14,000,000.00 88,310,867.47 9,787,162.32
14.4 Operating revenue/Operating cost
Current period cumulative Preceding period comparative
Items
Revenue Cost Revenue Cost
Main operations 50,382,988.38 15,225,250.76 37,241,063.15 10,754,749.28
Total 50,382,988.38 15,225,250.76 37,241,063.15 10,754,749.28
14.5 Investment Income
Current period Preceding period
Items
cumulative comparative
Investment income from long-term equity
8,400,304.32
investments under cost method
Investment income from long-term equity
18,339,555.32 22,156,744.28
investments under equity method
Gains on disposal of long-term equity
3,777,307.13
investments
Investment income from financial
6,070,326.25 3,270,243.48
instruments
Total 28,187,188.70 33,827,292.08
Note 15. Other SUPPLEMENTARY INFORMATION
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15.1 Non-recurring profit or loss
1. Schedule of non-recurring profit or loss of current period
Items 2021 2020
Gains on disposal of non-current assets, including written-off
66,654,129.65 1.00
of provision for impairment
Tax refund, credit or exemption approved beyond the power
of authorities, without formal documents, or with
occasionality
Government grant included in profit or loss (excluding those
closely related to operating activities, or regular 2,923,779.58 1,522,079.42
government grants)
Fund possession charge from non-financial entities and
629,671.75 435,887.15
included in profit or loss
Gains on acquisition of subsidiaries, joint ventures and
associates due to the surplus of acquisition-date fair value
of net identifiable assets in acquiree over the acquisition
cost
Gains on non-cash assets exchange
Gains on assets consigned to the third party for investment or
management
Assets impairment loss incurred due to force majeure such as
natural disasters
Gains on debt restructuring
Entity restructuring expenses, such as staffing and
integrating expenses
Gains on transactions with unfair value
Net profit gains on subsidiaries acquired through business
combination under common control from the beginning of
the period to the combination date
Contingent gains on non-operating activities
Gains on changes in fair value of held-for-trading financial 10,073,533.17 8,812,468.26
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Items 2021 2020
assets and liabilities and investment income from disposal
of held-for-trading financial assets and liabilities, and
available-for-sale financial assets, excluding those arising
from hedging business related to operating activities
The reversed provision for impairment of receivables based
493,295.33
on impairment testing on an individual basis
Gains on designated loans
Gains on changes in fair value of investment properties with
subsequent measurement at the fair value mode
Gains on reconciliation of current period profit or loss
following legal and regulative requirements
Management charges for consigned operations
Other non-operating revenue or expenditures 730,552.50 3,196,406.42
Other profit or loss satisfying the definition of non-recurring
46,275.77 44,839.26
profit or loss
Subtotal 81,057,942.42 14,504,976.84
Less: Enterprise income tax affected 19,790,228.25 3,123,780.55
Non-controlling interest affected (after tax) 1,977,988.66 1,437,257.12
Net non-recurring profit or loss attributable to shareholders
59,289,725.51 9,943,939.17
of the parent company
15.2 RONA and EPS
1. Year of 2021
Weighted average EPS (yuan/share)
Profit of the reporting period
RONA (%) Basic EPS Diluted EPS
Net profit attributable to shareholders of
9.56 0.3 0.3
ordinary shares
Net profit attributable to shareholders of
ordinary shares after deducting 5.23 0.17 0.17
non-recurring profit or loss
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2. Year of 2020
Weighted average EPS (yuan/share)
Profit of the reporting period
RONA (%) Basic EPS Diluted EPS
Net profit attributable to shareholders of
4.48 0.13 0.13
ordinary shares
Net profit attributable to shareholders of
ordinary shares after deducting 3.71 0.11 0.11
non-recurring profit or loss
277
